For purposes of this exemption, ownership in
a cooperative apartment corporation shall be exempt as follows:
A. 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. 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 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 corporation against the amount of such taxes otherwise payable
by or chargeable to such tenant-stockholder.
This article shall take effect for the tax roll
for the year 2000.