Bill Text: NY A01292 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to the taxation of property owned by a cooperative corporation.

Spectrum: Partisan Bill (Democrat 9-0)

Status: (Introduced) 2024-03-19 - print number 1292a [A01292 Detail]

Download: New_York-2023-A01292-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1292

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 17, 2023
                                       ___________

        Introduced by M. of A. WILLIAMS, MAGNARELLI, SEAWRIGHT, RIVERA, HYNDMAN,
          COOK,  STIRPE,  WALLACE  -- read once and referred to the Committee on
          Real Property Taxation

        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-four;  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

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05606-01-3
        A. 1292                             2

     1  on a condominium basis in a municipal corporation other than  a  special
     2  assessing  unit,  which has adopted, prior to the taxable status date of
     3  the assessment roll upon which its taxes will be levied, a local law or,
     4  for  a  school  district,  a resolution providing that the provisions of
     5  paragraph (b) of this subdivision shall not apply to such real  property
     6  within  that municipal corporation; provided, however, the provisions of
     7  this paragraph shall not apply to real property owned  or  leased  by  a
     8  cooperative  corporation  or on a condominium basis that had been previ-
     9  ously subject to the provisions of paragraph  (b)  of  this  subdivision
    10  prior  to  January  first,  two  thousand twenty-four; provided further,
    11  however, the provisions of this paragraph shall not apply to real  prop-
    12  erty  owned  or  leased by a cooperative corporation or on a condominium
    13  basis that is participating in an affordable housing tax credit  program
    14  or  has  a  regulatory  agreement with a federal, state, or local agency
    15  related to affordable housing requirements.
    16    § 3. This act shall take effect immediately and shall apply to assess-
    17  ment rolls prepared on the basis of taxable status dates occurring on or
    18  after January 1, 2024.