Pursuant to the authority granted by Real Property Tax Law § 458a(6)
and to the extent permitted under such law and provided that all other eligibility
criteria of Real Property Tax Law § 458-a are met, 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 which
such tenant-stockholder resides shall be subject to exemption from taxation
pursuant to Real Property Tax Law § 458-a, and any exemption so
granted shall be credited by the Village of Garden City against the assessed
valuation of such real property.
Application for such exemptions shall be filed annually with the Village
Assessor on or before the taxable status date of January 1 on a form prescribed
by the New York State Office of Real Property Services.
This article shall take effect immediately and shall apply to assessment
rolls prepared on the basis of taxable status dates occurring on or after
January 1, 2003.