[Adopted 6-14-2016 by L.L. No. 4-2016]
The purpose of this article is to enable the Assessor to value
converted condominiums based on the value of each converted condominium
unit, which may exceed the valuation if the parcel were assessed as
a single parcel, so as to retain an equitable distribution of the
real property tax assessment.
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 New York Real Property Law § 339-y(1)(b).
Converted condominium units shall be excluded from the provisions
of § 339-y(1)(b) of New York's Property Law and § 581
of New York's Real Property Tax Law. The Assessor is authorized to
assess converted condominium units based on the value of each unit,
which may exceed the valuation if the parcel were assessed as a single
parcel.
