NY A06372

Removes the requirement that condominium properties contain no more than three dwelling units to qualify as Class One for tax assessment purposes.

Eliminates the restriction that condominium properties must have never been previously assessed as non-condominium dwelling units to qualify for Class One classification.

Expands Class One eligibility for residential condominium properties by requiring only that dwelling units be owner-occupied, removing previous height and ownership history restrictions.

Simplifies Class One eligibility for residential property held in cooperative ownership by removing requirements that structures be limited to one-family houses or that land be held solely for bungalow colonies established before 1940.

Takes effect January 1 of the year following enactment into law.