Provides that the assessment of residential cooperatives, condominiums and rental property shall not apply to certain condominiums unless such condominiums are participating in an affordable housing tax credit program or has a regulatory agreement.
STATE OF NEW YORK
________________________________________________________________________
2968
2023-2024 Regular Sessions
IN ASSEMBLY
February 1, 2023
___________
Introduced by M. of A. WALLACE -- read once and referred to the Commit-
tee on Real Property Taxation
AN ACT to amend the real property tax law and the real property law, in
relation to the assessment of certain residential cooperative, condo-
minium and rental property
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 1 of section 581 of the real property tax law
2 is amended by adding a new paragraph (e) to read as follows:
3 (e) The provisions of paragraph (a) of this subdivision shall not
4 apply to a dwelling unit held in the condominium form of ownership,
5 which does not have attached walls with another such dwelling unit, in a
6 municipal corporation, unless such dwelling unit is participating in an
7 affordable housing tax credit program or has a regulatory agreement with
8 a federal, state, or local agency related to affordable housing require-
9 ments; provided, however, the provisions of this paragraph shall not
10 apply to dwelling units held in the condominium form of ownership that
11 had been previously subject to the provisions of paragraph (a) of this
12 subdivision prior to January first, two thousand twenty-five.
13 § 2. Subdivision 1 of section 339-y of the real property law is
14 amended by adding a new paragraph (h) to read as follows:
15 (h) The provisions of paragraph (b) of this subdivision shall not
16 apply to a dwelling unit held in the condominium form of ownership,
17 which does not have attached walls with another such dwelling unit, in a
18 municipal corporation, unless such dwelling unit is participating in an
19 affordable housing tax credit program or has a regulatory agreement with
20 a federal, state, or local agency related to affordable housing require-
21 ments; provided, however, the provisions of this paragraph shall not
22 apply to dwelling units held in the condominium form of ownership that
23 had been previously subject to the provisions of paragraph (b) of this
24 subdivision prior to January first, two thousand twenty-five.
25 § 3. This act shall take effect immediately and shall apply to assess-
26 ment rolls prepared on the basis of taxable status dates occurring on or
27 after January 1, 2025.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06177-01-3
