[Adopted 9-24-2018 by L.L. No. 9-2018]
The Town Board of the Town of Lewisboro finds that residential condominium units incur a significant difference in property taxes compared to comparably priced single-family homes under conventional forms of property ownership and, therefore, believes it is necessary to amend Chapter 199 of the Code of the Town of Lewisboro to prevent residential property owners from converting to a condominium form of ownership that would result in a lower assessment, which, if permitted, would unfairly lower the property tax burden for the converted property while increasing the property tax burden to owners of property in a conventional form of ownership.
As used in this article, the following term shall have the meaning
indicated:
A dwelling unit held in a condominium form of ownership that
has previously been on an assessment roll as a dwelling unit in other
than condominium form of ownership and which has not been previously
subject to the provisions of § 581, Subdivision 1(a), of
the Real Property Tax Law or § 339-y, Subdivision 1(b),
of the Real Property Law.
In accordance with § 581, Subdivision 1(c), of the
Real Property Tax Law and § 339-y, Subdivision 1(f), of
the Real Property Law, which otherwise permits condominium units to
be valued for purposes of real property assessment by using a capitalization
of income approach or a cost approach, neither § 581, Subdivision
1(a), of the Real Property Tax Law nor § 339-y, Subdivision
1(b), of the Real Property Law shall apply to any converted condominium
unit in the Town of Lewisboro.
