NY S02993

Establishes a new Class Five property classification for residential real property held in cooperative or condominium form of ownership that does not qualify as Class One or Class Two properties.

Class Five properties are subject to the same assessment increase limitations as Class Two properties, including 8% annual caps and 30% five-year caps for properties with fewer than 11 residential units.

Extends tax lien sale protections to Class Five properties, requiring three-year delinquency periods before sale (matching Class One and Class Two residential properties) and providing exemption eligibility checklists to property owners.

Applies Class Five designation throughout New York City administrative code and tax law sections governing property assessments, tax lien foreclosures, distressed property determinations, and related procedures.

Takes effect January 1 following enactment and applies to assessment rolls with taxable status dates on or after the effective date.