For the purposes of determining eligibility for a partial veterans
exemption from real property taxes under § 458 of the New
York Real Property Tax Law and for the purposes of determining eligibility
for a veterans alternative exemption under § 458-a of the
New York Real Property Tax Law, the following shall apply:
A. For the purposes of this section, title to that portion of real property
owned by a cooperative apartment corporation in which a tenant-stockholder
of such corporation resides and which is represented by his share
or shares of stock in such corporation as determined by its or their
proportional relationship to the total outstanding stock of the corporation,
including that owned by the corporation, shall be deemed to be vested
in such tenant-stockholder.
B. The proportion of the assessment of such real property owned by such
cooperative apartment corporation determined by the relationship of
such real property vested in such tenant-stockholder to such entire
parcel and the buildings thereon owned by such cooperative apartment
corporation in which such tenant-stockholder resides shall be subject
to exemption from taxation pursuant to this section, and any exemption
so granted shall be credited by the appropriate taxing authority against
the assessed valuation of such real property; the reduction in real
property taxes realized thereby shall be credited by the cooperative
apartment against the amount of such taxes otherwise payable by or
chargeable to such tenant-stockholder.
C. Notwithstanding Subsection
B of this section, a tenant-stockholder who resides in a dwelling that is subject to the provisions of Article
2, 4, 5 or 11 of the New York Private Housing Financing Law shall not be eligible for an exemption pursuant to this section.