NY S05460

Allows municipal corporations (except special assessing units) to opt out of certain property tax provisions for cooperative and condominium properties by adopting a local law or resolution prior to the taxable status date

Exempts from the local opt-out any cooperative or condominium properties that were already subject to the existing tax provisions before January 1, 2027

Protects affordable housing by excluding from the local opt-out any cooperative or condominium properties participating in affordable housing tax credit programs or under regulatory agreements with federal, state, or local agencies for affordable housing

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