§ 581 — Assessment of residential cooperative, condominium and rental property

New York § 581

• Jurisdiction: New York
• Law RPT: Real Property Tax
• Title 4: Miscellaneous Provisions
• Art. 5: Assessment Procedure

Text

§ 581. Assessment of residential cooperative, condominium and rental\nproperty. 1. (a) Notwithstanding any other provision of law, real\nproperty owned or leased by a cooperative corporation or on a\ncondominium basis shall be assessed for purposes of this chapter at a\nsum not exceeding the assessment which would be placed upon such parcel\nwere the parcel not owned or leased by a cooperative corporation or on a\ncondominium basis.\n (b) The provisions of paragraph (a) of this subdivision shall not\napply to such real property classified within:\n (i) on and after January first, nineteen hundred eighty-six, class one\nof section one thousand eight hundred two of this chapter; or\n (ii) on and after January first, nineteen hundred eighty-four, the\nhomestead class of an approved assessing unit which has adopted the\nprovisions of section one thousand nine hundred three of this chapter,\nor the homestead class of the portion outside an approved assessing unit\nof an eligible split school district which has adopted the provisions of\nsection nineteen hundred three-a of this chapter; provided, however,\nthat, in an approved assessing unit which adopted the provisions of\nsection one thousand nine hundred three of this chapter prior to the\neffective date of this subdivision, paragraph (a) of this subdivision\nshall apply to all such real property (i) which is classified within the\nhomestead class pursuant to paragraph one of subdivision (e) of section\none thousand nine hundred one of this chapter and (ii) which, regardless\nof classification, was on the assessment roll prior to the effective\ndate of this subdivision unless the governing body of such approved\nassessing unit provides by local law adopted after a public hearing,\nprior to the taxable status date of such assessing unit next occurring\nafter December thirty-first, nineteen hundred eighty-three, that such\nparagraph (a) shall not apply to such real property to which this clause\napplies.\n (c) The provisions of paragraph (a) of this subdivision shall not\napply to a converted condominium unit in a municipal corporation, other\nthan a special assessing unit, which has adopted, prior to the taxable\nstatus date of the assessment roll upon which its taxes will be levied,\na local law or, for a school district, a resolution providing that the\nprovisions of paragraph (a) of this subdivision shall not apply to\nconverted condominium units within that municipal corporation. A\nconverted condominium unit for purposes of this paragraph shall mean a\ndwelling unit held in condominium form of ownership that has previously\nbeen on an assessment roll as a dwelling unit in other than condominium\nform of ownership, and has not been previously subject to the provisions\nof paragraph (a) of this subdivision.\n (d) The provisions of paragraph (a) of this subdivision shall not\napply to real property owned or leased by a cooperative corporation or\non a condominium basis in the Town of Greenburgh, in Westchester County,\nwhich has adopted, prior to the taxable status date of the assessment\nroll upon which its taxes will be levied, a local law providing that the\nprovisions of paragraph (a) of this subdivision shall not apply to such\nreal property within such town; provided, however, the provisions of\nthis paragraph shall not apply to real property owned or leased by a\ncooperative corporation or on a condominium basis that had been\npreviously subject to the provisions of paragraph (a) of this\nsubdivision prior to January first, two thousand twenty-three; provided\nfurther, however, the provisions of this paragraph shall not apply to\nreal property owned or leased by a cooperative corporation or on a\ncondominium basis that is participating in an affordable housing tax\ncredit program or has a regulatory agreement with a federal, state, or\nlocal agency related to affordable housing requirements.\n 2. Real property owned or leased by a cooperative corporation or on a\ncondominium basis which is located in an approved assessing unit, or\nwhich is not located in an approved assessing unit but which is located\nin an eligible split school district which has adopted the provisions of\nsection nineteen hundred three-a of this chapter, and is not subject to\nthe provisions of paragraph (a) of subdivision one of this section,\nshall be assessed pursuant to the provisions of this subdivision.\n (a) The assessor of an assessing unit in which such real property is\nlocated shall compute an assessment which would be placed on such parcel\nwere the parcel not owned or leased by a cooperative corporation or on a\ncondominium basis, which value shall be known as the restricted assessed\nvaluation.\n (b) The assessor of such assessing unit in which such real property is\nlocated shall compute an assessment which would be placed on such parcel\nwithout regard to the restrictions found in paragraph (a) of this\nsubdivision or section three hundred thirty-nine-y of the real property\nlaw, which value shall be known as the assessed valuation.\n (c) The assessor of such assessing unit shall enter the assessed\nvaluation on the assessment roll of such assessing unit and the\nrestricted assessed valuation in a separate column of the assessment\nroll of such assessing unit.\n (d) A municipal corporation which levies taxes pursuant to article\nnineteen of this chapter shall levy such taxes against the assessed\nvaluation of such parcels for taxes imposed by or on behalf of such\nmunicipal corporation.\n (e) A municipal corporation which does not levy taxes pursuant to\narticle nineteen of this chapter shall levy such taxes against the\nrestricted assessed valuation of such parcels for taxes levied by or on\nbehalf of such municipal corporation.\n 3. Notwithstanding any other provision of law, real property occupied\nfor residential purposes on a rental basis (as distinct from a\ncooperative or condominium basis) shall be assessed without regard to\nthe value the property might have if converted to a cooperative or\ncondominium basis or if sold or owned for the purpose of such a\nconversion.\n 4. For the purposes of this section, the term "cooperative\ncorporation" shall include any corporation organized under any special\nor general law of this state, including, but not limited to, the\nbusiness corporation law, the cooperative corporations law, the\nnot-for-profit corporation law, and the private housing finance law, or\nthe predecessor statutes thereof, primarily for providing housing\naccommodations to its stockholders or members and which is, or is to be,\noperated for the benefit of the persons or families who are entitled to\noccupancy by reason of ownership of stock or membership in the\ncorporation.\n