§ 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\nco
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