New York S04442 amends real property tax law to exempt certain properties owned by cooperative corporations in specific towns from certain tax.

New York S04442 amends the real property tax law and the real property law to modify the taxation of property owned by cooperative corporations in the towns of Bolton, Horicon, Thurman, Queensbury, Lake George, and Warrensburg. The bill exempts these properties from certain tax provisions if the towns have adopted local laws to this effect before the taxable status date of the assessment roll. However, the exemption does not apply to properties participating in affordable housing tax credit programs or those with regulatory agreements related to affordable housing requirements.

New York S04442 amends real property tax law to exempt certain properties owned by cooperative corporations in specific towns from certain tax.

New York S04442 amends the real property tax law and the real property law to modify the taxation of property owned by cooperative corporations in the towns of Bolton, Horicon, Thurman, Queensbury, Lake George, and Warrensburg. The bill exempts these properties from certain tax provisions if the towns have adopted local laws to this effect before the taxable status date of the assessment roll. However, the exemption does not apply to properties participating in affordable housing tax credit programs or those with regulatory agreements related to affordable housing requirements.