The purpose of this law is to provide veterans who reside in
cooperative apartments, and who meet the requirements set forth in
New York State Real Property Tax Law § 458, with the real
property tax exemption provided for in Subdivision 8 of that section.
As set forth pursuant to § 458, Subdivision 8, of
the New York State Real Property Tax Law, title to that portion of
real property owned by a cooperative apartment corporation in which
a tenant-stockholder resides and which is represented by his or her
share or shares of stock in such corporation 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. That proportion of
the assessment of such real property owned by a cooperative apartment
corporation determined by the relationship of such real property vested
in such tenant-stockholder to such real property owned by such cooperative
apartment corporation in which such tenant-stockholder resides shall
be subject to exemption from taxation pursuant to § 458
of the New York State Real Property Tax Law, and any exemption so
granted shall be credited by the taxing authority of the City of Yonkers
against the assessed valuation of such real property, the reduction
in real property taxes realized thereby shall be credited by the cooperative
apartment corporation against the amount of such taxes otherwise payable
or chargeable to such tenant-stockholder. Notwithstanding the foregoing,
a tenant-stockholder who resides in a dwelling that is subject to
the provisions of Articles Two, Four, Five or Eleven of the New York
State Private Housing Finance Law shall not be eligible for an exemption
pursuant to this article.
This article shall take effect immediately and shall apply to
assessment rolls prepared on the basis of taxable status dates occurring
on or after June 1, 1999.