Bill Text: NY S07696 | 2023-2024 | General Assembly | Introduced

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

---

Bill Title: Relates to the taxation of property owned by a cooperative corporation in the towns of Bolton, Horicon, Thurman, Queensbury, Lake George, and Warrensburg.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2024-02-08 - PRINT NUMBER 7696A [S07696 Detail]

Download: New_York-2023-S07696-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          7696

                               2023-2024 Regular Sessions

                    IN SENATE

                                    October 13, 2023
                                       ___________

        Introduced  by  Sen.  STEC  --  read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        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 the towns of Bolton, Horicon, Thurman, Queens-
     6  bury, and Warrensburg, located in Warren  county,  which  have  adopted,
     7  prior to the taxable status date of the assessment roll upon which their
     8  taxes  will be levied, local laws providing that the provisions of para-
     9  graph (a) of this subdivision shall not  apply  to  such  real  property
    10  within  such  towns; provided, however, the provisions of this paragraph
    11  shall not apply to real property owned or leased by a cooperative corpo-
    12  ration or on a condominium basis that had been previously subject to the
    13  provisions of paragraph (a) of this subdivision prior to January  first,
    14  two  thousand  twenty-five; provided further, however, the provisions of
    15  this paragraph shall not apply to real property owned  or  leased  by  a
    16  cooperative  corporation or on a condominium basis that is participating
    17  in an affordable housing tax credit program or has a  regulatory  agree-
    18  ment  with a federal, state, or local agency related to affordable hous-
    19  ing 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 the towns of Bolton, Horicon, Thurman, Queens-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13401-01-3
        S. 7696                             2

     1  bury,  and  Warrensburgh,  located in Warren county, which have adopted,
     2  prior to the taxable status date of the assessment roll upon which their
     3  taxes will be levied, local laws providing that the provisions of  para-
     4  graph  (b)  of  this  subdivision  shall not apply to such real property
     5  within such towns; provided, however, the provisions of  this  paragraph
     6  shall not apply to real property owned or leased by a cooperative corpo-
     7  ration or on a condominium basis that had been previously subject to the
     8  provisions  of paragraph (b) of this subdivision prior to January first,
     9  two thousand twenty-five; provided further, however, the  provisions  of
    10  this  paragraph  shall  not  apply to real property owned or leased by a
    11  cooperative corporation or on a condominium basis that is  participating
    12  in  an  affordable housing tax credit program or has a regulatory agree-
    13  ment with a federal, state, or local agency related to affordable  hous-
    14  ing 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, 2025.