NY A03701

Expands Class One property tax classification in New York to include owner-occupied condominium units regardless of building height (removes previous three-story limit)

Removes requirement that condominium units must not have previously appeared on assessment rolls as non-condominium dwellings to qualify for Class One status

Expands Class One classification for cooperative housing to include any residential property owned and occupied by the owner on cooperatively-held land, eliminating previous restrictions limiting this to pre-1940 bungalow colonies

Simplifies eligibility criteria by requiring only that cooperative or condominium dwelling units be owner-occupied to qualify for Class One assessment

Takes effect on January 1 following enactment into law