NY S05662

Eliminates property taxes entirely for limited-profit housing company projects located in New York City (municipalities with population of one million or more), changing from the previous cap of 5% of annual shelter rent to no taxes being assessed

Maintains the minimum 10% of annual shelter rent tax requirement for limited-profit housing projects in municipalities with populations under one million

Allows municipalities outside New York City to reduce taxes below 10% to 5% or less of annual shelter rent with local legislative body consent, with such consent expiring every 10 years

Applies the tax exemption changes to multiple categories of limited-profit housing projects, including State Urban Development Corporation projects, projects with federal mortgage insurance, and mutual companies organized for resident building acquisition

Grants mutual redevelopment companies in New York City full tax exemption after the maximum extension period, removing the previous requirement to pay at least 5% of annual rent or the amount paid in tax year 2000-2001