Stop the Tax Shift


	New York Conference of Mayors and Municipal Officials 119 Washington Avenue Albany, NY 12210

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Restriction on Assessments for Condominiums and Cooperatives

The Mandate: Section 581 of the Real Property Tax Law and Section 339-y of the Real Property Law create a de facto exemption for most properties held in condominium or cooperative form of ownership. These laws, in essence, mandate that condominiums and cooperatives are to be valued for purposes of the real property tax by using a capitalization of income or cost approach. A comparable sales approach, which is used for most residential properties and is based upon the sales prices of individual units, may not be used.

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