STATE OF NEW YORK
________________________________________________________________________
5946--B
2021-2022 Regular Sessions
IN SENATE
March 23, 2021
___________
Introduced by Sen. REICHLIN-MELNICK -- read twice and ordered printed,
and when printed to be committed to the Committee on Local Government
-- committee discharged, bill amended, ordered reprinted as amended
and recommitted to said committee -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
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
18 or has a regulatory agreement with a federal, state, or local agency
19 related to affordable housing requirements.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08115-05-1
S. 5946--B 2
1 § 2. Subdivision 1 of section 339-y of the real property law is
2 amended by adding a new paragraph (g) to read as follows:
3 (g) The provisions of paragraph (b) 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 (b) 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 (b) 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
18 or has a regulatory agreement with a federal, state, or local agency
19 related to affordable housing requirements.
20 § 3. This act shall take effect immediately and shall apply to assess-
21 ment rolls prepared on the basis of taxable status dates occurring on or
22 after January 1, 2023.