NY S03888

Creates 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.

Applies assessment increase caps to Class Five properties with fewer than 11 residential units, limiting annual increases to 8 percent and five-year increases to 30 percent, matching existing protections for Class Two properties.

Extends tax lien sale protections to Class Five properties owned by companies organized under Article XI of the state private housing finance law, requiring three years of unpaid taxes before foreclosure (same timeline as Class One and Class Two residential condominiums/cooperatives).

Grants Class Five property owners receiving certain property tax exemptions or military benefits the same protections as Class One and Class Two owners to prevent tax lien sales on their properties.

Makes conforming amendments throughout the Real Property Tax Law, New York City Administrative Code, and City Charter to include Class Five in provisions previously applying only to Classes One through Four.