As set forth pursuant to § 467, Subdivision
3-a(a) and (b), and Subdivision 6 of § 459-c 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 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. 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 these articles of the New York State Real
Property Tax Law 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 corporation
against the amount of such taxes otherwise payable by or chargeable
to such tenant-stockholder.