Bill Text: NY A03124 | 2025-2026 | General Assembly | Introduced

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Bill Title: Relates to the taxation of property owned by a cooperative corporation in the towns of Bolton, Horicon, Thurman, Queensbury, Lake George, and Warrensburg.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced) 2025-01-23 - referred to real property taxation [A03124 Detail]

Download: New_York-2025-A03124-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3124

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                    January 23, 2025
                                       ___________

        Introduced  by M. of A. SIMPSON -- read once and referred to the Commit-
          tee on Real Property Taxation

        AN ACT to amend the real property tax law and the real property law,  in
          relation  to  the  taxation  of property owned by a cooperative corpo-
          ration

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Subdivision 1 of section 581 of the real property tax law
     2  is amended by adding a new paragraph (e) to read as follows:
     3    (e) The provisions of paragraph (a)  of  this  subdivision  shall  not
     4  apply  to  real property owned or leased by a cooperative corporation or
     5  on a condominium basis in the towns of Bolton, Horicon, Thurman, Queens-
     6  bury, Lake George, and Warrensburg, located in Warren county, which have
     7  adopted, prior to the taxable status date of the  assessment  roll  upon
     8  which  their  taxes  will  be  levied,  local  laws  providing  that the
     9  provisions of paragraph (a) of this subdivision shall not apply to  such
    10  real  property  within  such towns; provided, however, the provisions of
    11  this paragraph shall not apply to real property owned  or  leased  by  a
    12  cooperative  corporation  or on a condominium basis that had been previ-
    13  ously subject to the provisions of paragraph  (a)  of  this  subdivision
    14  prior  to  January  first,  two  thousand  twenty-six; provided further,
    15  however, the provisions of this paragraph shall not apply to real  prop-
    16  erty  owned  or  leased by a cooperative corporation or on a condominium
    17  basis that is participating in an affordable housing tax credit  program
    18  or  has  a  regulatory  agreement with a federal, state, or local agency
    19  related to affordable housing requirements.
    20    § 2. Subdivision 1 of section  339-y  of  the  real  property  law  is
    21  amended by adding a new paragraph (h) to read as follows:
    22    (h)  The  provisions  of  paragraph  (b) of this subdivision shall not
    23  apply to real property owned or leased by a cooperative  corporation  or
    24  on a condominium basis in the towns of Bolton, Horicon, Thurman, Queens-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04893-01-5
        A. 3124                             2

     1  bury, Lake George, and Warrensburg, located in Warren county, which have
     2  adopted,  prior  to  the taxable status date of the assessment roll upon
     3  which their  taxes  will  be  levied,  local  laws  providing  that  the
     4  provisions  of paragraph (b) of this subdivision shall not apply to such
     5  real property within such towns; provided, however,  the  provisions  of
     6  this  paragraph  shall  not  apply to real property owned or leased by a
     7  cooperative corporation or on a condominium basis that had  been  previ-
     8  ously  subject  to  the  provisions of paragraph (b) of this subdivision
     9  prior to January  first,  two  thousand  twenty-six;  provided  further,
    10  however,  the provisions of this paragraph shall not apply to real prop-
    11  erty owned or leased by a cooperative corporation or  on  a  condominium
    12  basis  that is participating in an affordable housing tax credit program
    13  or has a regulatory agreement with a federal,  state,  or  local  agency
    14  related to affordable housing requirements.
    15    § 3. This act shall take effect immediately and shall apply to assess-
    16  ment rolls prepared on the basis of taxable status dates occurring on or
    17  after January 1, 2026.