NY S05946

Allows municipalities (except special assessing units) to adopt a local law or school districts to adopt a resolution to opt out of certain real property tax provisions for cooperative corporations and condominiums, if adopted before the taxable status date.

Exempts properties that were already subject to the existing tax provisions prior to January 1, 2023 from the new opt-out provisions.

Exempts properties participating in affordable housing tax credit programs or with regulatory agreements related to affordable housing requirements from the opt-out provisions.

Applies to assessment rolls prepared on or after January 1, 2023.