NY Real Prop Tax L § 581 (2021)
2021 New York Laws RPT - Real Property Tax Article 5 - Assessment Procedure Title 4 - Miscellaneous Provisions 581 - Assessment of Residential Cooperative, Condominium and Rental Property.

§  581.  Assessment of residential cooperative, condominium and rental property. 1. (a)  Notwithstanding  any  other  provision  of  law,  real property   owned  or  leased  by  a  cooperative  corporation  or  on  a condominium basis shall be assessed for purposes of this  chapter  at  a sum  not exceeding the assessment which would be placed upon such parcel were the parcel not owned or leased by a cooperative corporation or on a condominium basis.  (b) The provisions of paragraph (a)  of  this  subdivision  shall  not apply to such real property classified within:  (i) on and after January first, nineteen hundred eighty-six, class one of section one thousand eight hundred two of this chapter; or  (ii)  on  and  after  January first, nineteen hundred eighty-four, the homestead class of an approved assessing  unit  which  has  adopted  the provisions  of  section one thousand nine hundred three of this chapter, or the homestead class of the portion outside an approved assessing unit of an eligible split school district which has adopted the provisions of section nineteen hundred three-a of  this  chapter;  provided,  however, that,  in  an  approved  assessing  unit which adopted the provisions of section one thousand nine hundred three of this  chapter  prior  to  the effective  date  of  this subdivision, paragraph (a) of this subdivision shall apply to all such real property (i) which is classified within the homestead class pursuant to paragraph one of subdivision (e) of  section one thousand nine hundred one of this chapter and (ii) which, regardless of  classification,  was  on  the assessment roll prior to the effective date of this subdivision unless the  governing  body  of  such  approved assessing  unit  provides  by  local law adopted after a public hearing, prior to the taxable status date of such assessing unit  next  occurring after  December  thirty-first,  nineteen hundred eighty-three, that such paragraph (a) shall not apply to such real property to which this clause applies.  (c) The provisions of paragraph (a)  of  this  subdivision  shall  not apply  to a converted condominium unit in a municipal corporation, other than a special assessing unit, which has adopted, prior to  the  taxable status  date of the assessment roll upon which its taxes will be levied, a local law or, for a school district, a resolution providing  that  the provisions  of  paragraph  (a)  of  this  subdivision shall not apply to converted  condominium  units  within  that  municipal  corporation.   A converted  condominium  unit for purposes of this paragraph shall mean a dwelling unit held in condominium form of ownership that has  previously been  on an assessment roll as a dwelling unit in other than condominium form of ownership, and has not been previously subject to the provisions of paragraph (a) of this subdivision.   2. Real property owned or leased by a cooperative corporation or on  a condominium  basis  which  is  located in an approved assessing unit, or which is not located in an approved assessing unit but which is  located in an eligible split school district which has adopted the provisions of section  nineteen hundred three-a of this chapter, and is not subject to the provisions of paragraph (a) of  subdivision  one  of  this  section, shall be assessed pursuant to the provisions of this subdivision.  (a)  The  assessor of an assessing unit in which such real property is located shall compute an assessment which would be placed on such parcel were the parcel not owned or leased by a cooperative corporation or on a condominium basis, which value shall be known as the restricted assessed valuation.  (b) The assessor of such assessing unit in which such real property is located shall compute an assessment which would be placed on such parcel without regard to the  restrictions  found  in  paragraph  (a)  of  this  subdivision  or section three hundred thirty-nine-y of the real property law, which value shall be known as the assessed valuation.  (c)  The  assessor  of  such  assessing  unit shall enter the assessed valuation on  the  assessment  roll  of  such  assessing  unit  and  the restricted  assessed  valuation  in  a separate column of the assessment roll of such assessing unit.  (d) A municipal corporation which levies  taxes  pursuant  to  article nineteen  of  this  chapter  shall  levy such taxes against the assessed valuation of such parcels for taxes imposed by  or  on  behalf  of  such municipal corporation.  (e)  A  municipal  corporation  which  does not levy taxes pursuant to article nineteen of this chapter  shall  levy  such  taxes  against  the restricted  assessed valuation of such parcels for taxes levied by or on behalf of such municipal corporation.   3. Notwithstanding any other provision of law, real property  occupied for  residential  purposes  on  a  rental  basis  (as  distinct  from  a cooperative or condominium basis) shall be assessed  without  regard  to the  value  the  property  might  have  if converted to a cooperative or condominium basis or if  sold  or  owned  for  the  purpose  of  such  a conversion.   4.   For   the   purposes  of  this  section,  the  term  "cooperative corporation" shall include any corporation organized under  any  special or  general  law  of  this  state,  including,  but  not limited to, the business  corporation  law,  the  cooperative  corporations   law,   the not-for-profit  corporation law, and the private housing finance law, or the  predecessor  statutes  thereof,  primarily  for  providing  housing accommodations to its stockholders or members and which is, or is to be, operated  for the benefit of the persons or families who are entitled to occupancy  by  reason  of  ownership  of  stock  or  membership  in  the corporation.