NY S02205

Creates a new "Class One-A" property classification for residential condominiums and cooperatives not qualifying as Class One, effective for tax year 2022 and thereafter.

Establishes a 6% assessment ratio for Class One-A properties and caps annual assessment increases at 6% per year and 20% over five-year periods, comparable to Class One protections.

Provides partial tax abatements for Class One-A units ranging from 0% to 33% based on average unit market value (from $650,000 or less to $5 million or more), plus enhanced abatements for units under $650,000 based on year-over-year tax increases.

Requires the New York City Department of Finance to reclassify Class One-A properties used primarily for rental income to Class Two, with authority to establish rules defining rental-income-generating properties using a five-year determination period.

Amends the Real Property Law to repeal restrictions on condominium assessment aggregation for Class One-A properties, permitting individual unit assessment separate from building-wide valuation.