New York A03701 amends the real property tax law to classify certain cooperative and condominium properties as class one properties for assessment.

New York A03701 amends the real property tax law to classify certain cooperative and condominium properties as class one properties for assessment purposes. This includes one, two, and three family residential real property, residential real property held in cooperative ownership by owner occupiers, and vacant land within special assessing units. The bill specifies conditions for classification, such as the property being owner-occupied and certain land use requirements. The changes will take effect on the first of January next succeeding the date the act becomes law.

New York A03701 amends the real property tax law to classify certain cooperative and condominium properties as class one properties for assessment.

New York A03701 amends the real property tax law to classify certain cooperative and condominium properties as class one properties for assessment purposes. This includes one, two, and three family residential real property, residential real property held in cooperative ownership by owner occupiers, and vacant land within special assessing units. The bill specifies conditions for classification, such as the property being owner-occupied and certain land use requirements. The changes will take effect on the first of January next succeeding the date the act becomes law.