NY A03812

Allows municipalities (except special assessing units) to opt out of certain real property tax provisions for cooperative corporations and condominiums by adopting a local law or school district resolution prior to the taxable status date

Exempts cooperative and condominium properties that were already subject to the standard tax provisions before January 1, 2027 from any municipal opt-out

Protects affordable housing by excluding cooperatives and condominiums participating in affordable housing tax credit programs or operating under regulatory agreements with government agencies

Amends both the Real Property Tax Law (Section 581) and the Real Property Law (Section 339-y) with parallel provisions

Takes effect immediately and applies to assessment rolls based on taxable status dates occurring on or after January 1, 2027