NY A00682

Allows municipalities and school districts to opt out of the partial property tax exemptions for cooperative corporations and condominiums by adopting a local law or resolution prior to the taxable status date of their assessment roll.

Exempts cooperative corporations and condominium properties that were already subject to the existing tax exemptions prior to January 1, 2016 from the new opt-out provisions.

Applies to assessment rolls prepared on or after January 1, 2016.

Amends both the Real Property Tax Law (Section 581) and the Real Property Law (Section 339-y) to implement the opt-out provisions.