Bill Text: NY A10488 | 2021-2022 | General Assembly | Introduced

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Bill Title: Relates to the taxation of property owned by a cooperative corporation in the Town of Greenburgh, Westchester County.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-06-02 - substituted by s9413 [A10488 Detail]

Download: New_York-2021-A10488-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10488

                   IN ASSEMBLY

                                      May 27, 2022
                                       ___________

        Introduced by COMMITTEE ON RULES -- (at request of M. of A. Abinanti) --
          read once and referred to the Committee on Ways and Means

        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 (d) to read as follows:
     3    (d)  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 Town of Greenburgh, in Westchester County,
     6  which  has  adopted,  prior to the taxable status date of the assessment
     7  roll upon which its taxes will be levied, a local law providing that the
     8  provisions of paragraph (a) of this subdivision shall not apply to  such
     9  real  property  within  such  town; provided, however, the provisions of
    10  this paragraph shall not apply to real property owned  or  leased  by  a
    11  cooperative  corporation  or on a condominium basis that had been previ-
    12  ously subject to the provisions of paragraph  (a)  of  this  subdivision
    13  prior  to  January  first,  two thousand twenty-three; provided further,
    14  however, the provisions of this paragraph shall not apply to real  prop-
    15  erty  owned  or  leased by a cooperative corporation or on a condominium
    16  basis that is participating in an affordable housing tax credit  program
    17  or  has  a  regulatory  agreement with a federal, state, or local agency
    18  related to affordable housing requirements.
    19    § 2. Subdivision 1 of section  339-y  of  the  real  property  law  is
    20  amended by adding a new paragraph (g) to read as follows:
    21    (g)  The  provisions  of  paragraph  (b) of this subdivision shall not
    22  apply to real property owned or leased by a cooperative  corporation  or
    23  on a condominium basis in the Town of Greenburgh, in Westchester County,
    24  which  has  adopted,  prior to the taxable status date of the assessment
    25  roll upon which its taxes will be levied, a local law providing that the
    26  provisions of paragraph (b) of this subdivision shall not apply to  such
    27  real  property  within  such  town; provided, however, the provisions of

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15958-01-2
        A. 10488                            2

     1  this paragraph shall not apply to real property owned  or  leased  by  a
     2  cooperative  corporation  or on a condominium basis that had been previ-
     3  ously subject to the provisions of paragraph  (b)  of  this  subdivision
     4  prior  to  January  first,  two thousand twenty-three; provided further,
     5  however, the provisions of this paragraph shall not apply to real  prop-
     6  erty  owned  or  leased by a cooperative corporation or on a condominium
     7  basis that is participating in an affordable housing tax credit  program
     8  or  has  a  regulatory  agreement with a federal, state, or local agency
     9  related to affordable housing requirements.
    10    § 3. This act shall take effect immediately and shall apply to assess-
    11  ment rolls prepared on the basis of taxable status dates occurring on or
    12  after January 1, 2023.