NY A05221

Allows municipalities and school districts to adopt local laws or resolutions exempting cooperative corporation and condominium properties from certain real property tax provisions prior to the taxable status date of their assessment rolls.

Exemption applies to properties in municipal corporations (excluding special assessing units) that adopt the opt-out measure before the taxable status date.

Grandfathers cooperative and condominium properties that were subject to the taxation provisions before January 1, 2021, making the exemption inapplicable to those existing properties.

Takes effect immediately and applies to assessment rolls prepared on the basis of taxable status dates occurring on or after January 1, 2021.