NY S01191

Amends real property tax law section 581 to allow municipalities and school districts to opt out of applying certain tax assessment provisions to cooperative corporation or condominium property by adopting a local law or resolution prior to the taxable status date.

Amends real property law section 339-y to allow municipalities and school districts to opt out of applying certain property provisions to cooperative corporation or condominium property through local law or resolution adopted before the taxable status date.

Exempts existing cooperative corporation or condominium properties that were already subject to the current provisions prior to January 1, 2020 from the opt-out provisions.

Takes effect immediately and applies to assessment rolls based on taxable status dates occurring on or after January 1, 2020.