Cooperative property tax legislation on Assembly Real Property Taxation Committee agenda

NYSAR-supported A.5484(Galef)/S.618(Little), which will allow municipal corporations to value newly constructed and converted cooperative and condominium units as they would other residential real property, is on the Assembly Real Property Taxation Committee agenda for today. As currently written, the Real Property Tax Law and the Real Property Law do not allow the sum of the assessments of individual cooperative or condominium units to exceed the value of the entire complex if it was valued as a single entity. 

Click here to learn more.