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NY A02968
Bill
Status
2/1/2023
Primary Sponsor
Monica Wallace
Click for details
AI Summary
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Exempts certain detached condominium dwelling units from assessment provisions in the real property tax law, unless they participate in an affordable housing tax credit program or have a regulatory agreement with a federal, state, or local agency for affordable housing.
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Applies the same exemption to condominium units under the real property law's provisions regarding cooperative, condominium, and rental property assessments.
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Grandfathers condominium units that were previously subject to these assessment provisions prior to January 1, 2025, making them continue to be subject to the original rules.
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Takes effect immediately and applies to assessment rolls prepared on or after January 1, 2025.
Legislative Description
Provides that the assessment of residential cooperatives, condominiums and rental property shall not apply to certain condominiums unless such condominiums are participating in an affordable housing tax credit program or has a regulatory agreement.
Last Action
referred to ways and means
1/3/2024