New York A03812 amends real property tax law to modify taxation for properties owned by cooperative corporations.

New York A03812 amends the real property tax law and the real property law to modify the taxation of properties owned by cooperative corporations. The bill adds new provisions exempting certain properties from specific tax rules if the cooperative corporation has adopted a local law or resolution before the taxable status date of the assessment roll. These exemptions do not apply to properties that were previously subject to certain tax provisions before January 1, 2027, or those participating in affordable housing tax credit programs or with regulatory agreements related to affordable.

New York A03812 amends real property tax law to modify taxation for properties owned by cooperative corporations.

New York A03812 amends the real property tax law and the real property law to modify the taxation of properties owned by cooperative corporations. The bill adds new provisions exempting certain properties from specific tax rules if the cooperative corporation has adopted a local law or resolution before the taxable status date of the assessment roll. These exemptions do not apply to properties that were previously subject to certain tax provisions before January 1, 2027, or those participating in affordable housing tax credit programs or with regulatory agreements related to affordable.