Advocate to Repeal Real Property Tax Law Section 581

Pushes for state legislation to repeal a tax provision governing how condominiums and cooperatives are assessed.

Date Promised

February 3, 2025

Owner Agency

Mayor's Office

Requires State Action

Yes

Last updated: January 2, 2026

Overview

• Advocate for state action to repeal Real Property Tax Law Section 581, which requires residential cooperatives and condominiums to be assessed using the income-based method applied to rental buildings.
• Under current law, assessments for condos and co-ops rely on comparable rental income rather than individual unit market values, shaping how these properties are taxed.
• Repeal would require approval by the State Legislature, as assessment rules for these property types are set in state law rather than by the city.