New York S05460 amends real property tax law to exempt certain properties owned by cooperative corporations from specific tax provisions.

New York S05460 amends the real property tax law to modify the taxation of properties owned or leased by cooperative corporations. Specifically, it exempts such properties from certain tax provisions if the municipal corporation has adopted a local law or resolution before the taxable status date of the assessment roll. The exemption does not apply to properties that were previously subject to different tax provisions before January 1, 2027, or those participating in affordable housing tax credit programs or having regulatory agreements related to affordable housing.

New York S05460 amends real property tax law to exempt certain properties owned by cooperative corporations from specific tax provisions.

New York S05460 amends the real property tax law to modify the taxation of properties owned or leased by cooperative corporations. Specifically, it exempts such properties from certain tax provisions if the municipal corporation has adopted a local law or resolution before the taxable status date of the assessment roll. The exemption does not apply to properties that were previously subject to different tax provisions before January 1, 2027, or those participating in affordable housing tax credit programs or having regulatory agreements related to affordable housing.