NY A00546

Creates a new Class Five property classification for residential real property held in cooperative or condominium form that does not qualify as Class One or Class Two under New York real property tax law.

Modifies Class Two definition to include only residential real property in condominium or cooperative form, removing language that previously excluded certain commercial properties.

Applies assessment increase limitations (8% annually, 30% over five years) and improvement value restrictions from Class Two provisions to the new Class Five properties with fewer than eleven residential units.

Extends tax lien sale protections and foreclosure procedures applicable to Class One and Class Two properties to Class Five properties owned by companies organized under Article XI of the private housing finance law.

Amends multiple sections of the New York City Administrative Code and Charter to reference Class Five alongside existing property classifications in assessment procedures, tax lien sales, and foreclosure provisions; effective January 1 following enactment for assessment rolls with taxable status dates on or after that date.