[Adopted 12-15-2011 by L.L. No. 24-2011]
This article is adopted pursuant to Subdivision 1 of § 581
of the Real Property Tax Law and Subdivision 1 of § 339-y
of the Real Property Law, for the purpose of preventing lower assessments
of converted condominiums.
As used in this article, the following terms shall have the
meanings 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 Subdivision 1 of § 581 of the Real
Property Tax Law or Subdivision 1 of § 339-y of the Real
Property Law.
Neither Paragraph (a) of Subdivision 1 of § 581 of
the Real Property Tax Law nor Paragraph (b) of Subdivision 1 of § 339-y
of the Real Property Law shall apply to any converted condominium
unit in the Town of Colonie.
