NY S07832

Adds Section 421-N to Real Property Tax Law authorizing local legislative bodies of cities, towns, and villages to adopt local laws providing a 15% tax exemption for condominiums that meet Article Nine-B requirements but lack separate assessment and taxation under Section 339-Y.

Exemption applies to county, city, school, town, and village taxation and is available to all owners meeting the eligibility criteria.

Owners must submit applications on forms prescribed by the Commissioner of Taxation and Finance to the assessor's office by the appropriate taxable status date; once approved, the exemption continues in subsequent years without requiring annual re-filing.

Local governing boards may repeal the exemption ordinance at least 90 days prior to the taxable status date, or adopt a local law to deny the exemption prospectively with 90 days' notice before the next taxable status date.

Takes effect immediately upon enactment.