New York S03213 amends the real property tax law to clarify the assessment process for residential cooperative, condominium, and rental properties.

New York S03213 amends Section 581 of the real property tax law by adding a new subdivision. This change defines the term "the assessment which would be placed upon such parcel were the parcel not owned or leased by a cooperative corporation or on a condominium basis." The amendment ensures that the assessment is not based on the income generated by the property if it were occupied for residential purposes on a rental basis. This act will take effect 180 days after it becomes law and applies to assessment rolls prepared on or after January 1 of the year following its enactment.

New York S03213 amends the real property tax law to clarify the assessment process for residential cooperative, condominium, and rental properties.

New York S03213 amends Section 581 of the real property tax law by adding a new subdivision. This change defines the term "the assessment which would be placed upon such parcel were the parcel not owned or leased by a cooperative corporation or on a condominium basis." The amendment ensures that the assessment is not based on the income generated by the property if it were occupied for residential purposes on a rental basis. This act will take effect 180 days after it becomes law and applies to assessment rolls prepared on or after January 1 of the year following its enactment.