New York Senate Bill S05460 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 5460 2025-2026 Regular Sessions  IN SENATE February 21, 2025 ___________ Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government 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 (e) to read as follows: 3 (e) 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-seven; 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 18 or has a regulatory agreement with a federal, state, or local agency 19 related to affordable housing requirements. 20 § 2. Subdivision 1 of section 339-y of the real property law is 21 amended by adding a new paragraph (h) to read as follows: 22 (h) The provisions of paragraph (b) of this subdivision shall not 23 apply to real property owned or leased by a cooperative corporation or 24 on a condominium basis in a municipal corporation other than a special EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06366-01-5 
 S. 5460 2 1 assessing unit, which has adopted, prior to the taxable status date of 2 the assessment roll upon which its taxes will be levied, a local law or, 3 for a school district, a resolution providing that the provisions of 4 paragraph (b) of this subdivision shall not apply to such real property 5 within that municipal corporation; provided, however, the provisions of 6 this paragraph shall not apply to real property owned or leased by a 7 cooperative corporation or on a condominium basis that had been previ- 8 ously subject to the provisions of paragraph (b) of this subdivision 9 prior to January first, two thousand twenty-seven; provided further, 10 however, the provisions of this paragraph shall not apply to real prop- 11 erty owned or leased by a cooperative corporation or on a condominium 12 basis that is participating in an affordable housing tax credit program 13 or has a regulatory agreement with a federal, state, or local agency 14 related to affordable housing requirements. 15 § 3. This act shall take effect immediately and shall apply to assess- 16 ment rolls prepared on the basis of taxable status dates occurring on or 17 after January 1, 2027.