STATE OF NEW YORK
________________________________________________________________________
3491--B
Cal. No. 127
2021-2022 Regular Sessions
IN ASSEMBLY
January 27, 2021
___________
Introduced by M. of A. GALEF, ABINANTI, MAGNARELLI, SEAWRIGHT,
J. RIVERA, HYNDMAN, WILLIAMS, COOK, STIRPE, WALLACE -- Multi-Sponsored
by -- M. of A. THIELE -- read once and referred to the Committee on
Real Property Taxation -- reported and referred to the Committee on
Ways and Means -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee -- ordered to a
third reading, amended and ordered reprinted, retaining its place on
the order of third reading
AN ACT to amend the real property tax law and the real property law, in
relation to the taxation of property owned by a cooperative corpo-
ration
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 (d) to read as follows:
3 (d) The provisions of paragraph (a) of this subdivision shall not
4 apply to real property owned or leased by a cooperative corporation or
5 on a condominium basis in a municipal corporation, other than a special
6 assessing unit, which has adopted, prior to the taxable status date of
7 the assessment roll upon which its taxes will be levied, a local law or,
8 for a school district, a resolution providing that the provisions of
9 paragraph (a) of this subdivision shall not apply to such real property
10 within that municipal corporation; provided, however, the provisions of
11 this paragraph shall not apply to real property owned or leased by a
12 cooperative corporation or on a condominium basis that had been previ-
13 ously subject to the provisions of paragraph (a) of this subdivision
14 prior to January first, two thousand twenty-three; provided further,
15 however, the provisions of this paragraph shall not apply to real prop-
16 erty owned or leased by a cooperative corporation or on a condominium
17 basis that is participating in an affordable housing tax credit program
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08115-04-1
A. 3491--B 2
1 or has a regulatory agreement with a federal, state, or local agency
2 related to affordable housing requirements.
3 § 2. Subdivision 1 of section 339-y of the real property law is
4 amended by adding a new paragraph (g) to read as follows:
5 (g) The provisions of paragraph (b) of this subdivision shall not
6 apply to real property owned or leased by a cooperative corporation or
7 on a condominium basis in a municipal corporation other than a special
8 assessing unit, which has adopted, prior to the taxable status date of
9 the assessment roll upon which its taxes will be levied, a local law or,
10 for a school district, a resolution providing that the provisions of
11 paragraph (b) of this subdivision shall not apply to such real property
12 within that municipal corporation; provided, however, the provisions of
13 this paragraph shall not apply to real property owned or leased by a
14 cooperative corporation or on a condominium basis that had been previ-
15 ously subject to the provisions of paragraph (b) of this subdivision
16 prior to January first, two thousand twenty-three; provided further,
17 however, the provisions of this paragraph shall not apply to real prop-
18 erty owned or leased by a cooperative corporation or on a condominium
19 basis that is participating in an affordable housing tax credit program
20 or has a regulatory agreement with a federal, state, or local agency
21 related to affordable housing requirements.
22 § 3. This act shall take effect immediately and shall apply to assess-
23 ment rolls prepared on the basis of taxable status dates occurring on or
24 after January 1, 2023.
