[Adopted 2-9-2021 by L.L. No. 3-2021]
The Board of Trustees of the Village of Scarsdale 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 269 of the Scarsdale Village Code to prevent residential property owners from converting their properties 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.
Pursuant to § 581, Subdivision 1(c), of the Real Property Tax Law and § 339-y, Subdivision 1(f), of the Real Property Law, enacted for the purpose of preventing lower assessments of converted condominiums, this Article XIV is added to Chapter 269 of the Scarsdale Village Code and entitled "Real Property Assessment of Converted Condominiums."
As used in this article, the following term shall have the meaning
indicated:
A dwelling unit held in condominium form of ownership that
has previously been on an assessment roll as a dwelling unit in other
than condominium form of ownership and has not been previously subject
to the provisions of § 581, Subdivision 1(c), of the Real
Property Tax Law or § 339-y, Subdivision 1(f), 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 permit 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(c), of the Real Property Tax Law nor § 339-y, Subdivision
1(f), of the Real Property Law shall apply to any converted condominium
units in the Village of Scarsdale.
