Abolishes the class share system and partial valuation; provides a homestead exemption and a real property tax circuit breaker abatement; repeals partial tax abatement for residential real property held in the cooperative or condominium form of ownership; defines co-ops and condominiums as class one properties.

Statutes affected:
A10600: 1802 real property tax law, 1802(1) real property tax law, 1801 real property tax law, 1803-b real property tax law, 1803-b(1) real property tax law, 305 real property tax law, 305(2) real property tax law, 1805 real property tax law, 581 real property tax law, 339-y real property law, 339-y(1) real property law, 467-a real property tax law