[Adopted 12-8-1997 by L.L. No. 9-1997 (Ch. 182, Art. IV,
of the 1994 Code)]
The purpose of this article is to eliminate the requirements
of Paragraph (a) of Subdivision 1 of § 581 of the Real Property
Tax Law and the requirements of Paragraph (b) of Subdivision 1 of
§ 339-y of the Real Property Law, which presently require
that the aggregate assessment of converted condominium units plus
their common interest cannot exceed the total valuation of the property
assessed as one parcel. This article is made possible by and is made
pursuant to Senate Bill 3641, which provides that a municipality may,
by local law, eliminate the effect of the above-referenced provisions
of the Real Property Tax Law and the Real Property Law, as these laws
affect condominium units not previously subject to those provisions.
The provisions of Paragraph (a) of Subdivision 1 of § 581
of the Real Property Tax Law and the provisions of Paragraph (b) of
Subdivision 1 of § 339-y of the Real Property Law shall
not apply to any converted condominium unit within the Town of Mendon
which was not previously subject thereto. The term converted "condominium
unit" shall have the same meaning as that used in Paragraph (c) of
Subdivision 1 of § 581 of the Real Property Tax Law and
Paragraph (f) of Subdivision 1 of § 339-y of the Real Property
Law.
