2023 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.
(d) The provisions of paragraph (a)  of  this  subdivision  shall  not
apply  to  real property owned or leased by a cooperative corporation or
on a condominium basis in the Town of Greenburgh, in Westchester County,
which has adopted, prior to the taxable status date  of  the  assessment
roll upon which its taxes will be levied, a local law providing that the
provisions  of paragraph (a) of this subdivision shall not apply to such
real property within such town; provided,  however,  the  provisions  of
this  paragraph  shall  not  apply to real property owned or leased by a
cooperative  corporation  or  on  a  condominium  basis  that  had  been
previously   subject   to  the  provisions  of  paragraph  (a)  of  this
subdivision prior to January first, two thousand twenty-three;  provided
further,  however,  the  provisions of this paragraph shall not apply to
real property owned or leased by  a  cooperative  corporation  or  on  a
condominium  basis  that  is  participating in an affordable housing tax
credit program or has a regulatory agreement with a federal,  state,  or
local agency related to affordable housing requirements.
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.