Relates to the taxation of property owned by a cooperative corporation

This bill (S 5460) exempts certain cooperative corporation and condominium properties from specific real property tax rules if their municipality adopts a local law or school district resolution before the tax assessment date. It applies to properties not already subject to those tax rules before January 1, 2027, and excludes properties participating in affordable housing programs. The exemption requires municipal action prior to the tax assessment date but does not apply to properties already taxed under the rules before 2027 or those tied to affordable housing agreements. The changes take effect for tax assessments starting January 1, 2027.