Relates to the taxation of property owned by a cooperative corporation in the towns of Bolton, Horicon, Thurman, Queensbury, Lake George, and Warrensburg.
Summary
A03124 would change how certain cooperative and condominium properties are taxed in six towns in Warren County: Bolton, Horicon, Thurman, Queensbury, Lake George, and Warrensburg. The bill creates a local option allowing those towns to adopt local laws exempting such properties from the application of specified provisions of the real property tax law and real property law, but only if the local law is adopted before the taxable status date for the relevant assessment roll.
The bill includes two important carve-outs. First, it would not affect cooperative or condominium properties that were already subject to the existing tax provisions before January 1, 2026. Second, it would not apply to properties participating in an affordable housing tax credit program or subject to a regulatory agreement tied to affordable housing requirements. The measure takes effect immediately but applies only to assessment rolls based on taxable status dates on or after January 1, 2026.
Impact
The bill amends section 581 of the Real Property Tax Law and section 339-y of the Real Property Law to create a town-specific local option for excluding cooperative and condominium property from certain tax treatment in six Warren County towns. Its practical effect is to give those municipalities authority to change the tax status of qualifying co-op and condo properties through local law, while preserving existing treatment for properties already covered before 2026 and protecting affordable housing-related properties from being affected.
Sentiment
No committee transcript or vote record is provided, so there is no direct evidence of debate or formal support/opposition. Based on the text alone, the bill appears narrowly tailored and administrative in nature, suggesting a localized policy adjustment rather than a broad statewide overhaul. The inclusion of exemptions for existing properties and affordable housing programs indicates an effort to limit disruption and address likely stakeholder concerns.
Contention
The main potential points of contention are likely to be between local governments seeking flexibility in property taxation and co-op/condominium owners who may face changes in tax treatment if a town adopts the local law. Another likely issue is fairness and consistency, since the bill applies only to six named towns in Warren County and excludes properties already subject to the provisions before 2026. Affordable housing advocates and program administrators would likely focus on the carve-out protecting regulated or tax-credit-supported housing, which appears designed to avoid undermining housing affordability goals.
Same As
Relates to the taxation of property owned by a cooperative corporation in the towns of Bolton, Horicon, Thurman, Queensbury, Lake George, and Warrensburg.
Relates to the taxation of property owned by a cooperative corporation in the towns of Bolton, Horicon, Thurman, Queensbury, Lake George, and Warrensburg.
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