Relates to limitations on assessed value for any parcel that is held in cooperative or condominium forms of ownership

This bill extends the transition period for property tax assessments on co-op and condo properties from a shorter timeframe to twelve years when an assessment increase occurs. It phases in higher assessments gradually: each year, a specific percentage (starting at 8.33% in year one and increasing to 100% in year twelve) is added to the previous year’s assessment. This prevents sudden tax spikes for owners of these properties during the transition. If the phased assessment exceeds the actual current assessment in any year, taxes are calculated based on the lower actual amount instead. The change applies to assessments for properties with increased values after the law takes effect.