§ 288-10. Cooperative apartments.

As set forth in 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 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 § 459-c 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.