IN HB1163

Requires residents of cooperative housing corporations to demonstrate a substantial equity interest in their shares (at least equal to the property's true tax value) to qualify for homestead property tax deductions, effective for property taxes due after December 31, 2013

Excludes "leasing or zero equity cooperatives" from eligibility for homestead deductions starting January 1, 2014

Defines "eligible cooperative housing corporation" as one that owns residential property and is not a leasing or zero equity cooperative

Limits homestead-eligible property for cooperative housing to the dwelling plus a proportionate share of common areas used for residential purposes, not exceeding one acre in aggregate

Declares an emergency, making the act effective immediately upon passage