[Added 11-7-2018 by L.L.
No. 7-2018]
A.
The City Council hereby 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.
B.
By reason of the foregoing, the City Council believes it is necessary
to adopt a local law 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:
- CONVERTED CONDOMINIUM
- 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(a), of the Real Property Tax Law or § 399-y, Subdivision 1(b), of the Real Property Tax Law.[1]
[1]
Editor's Note: See § 339-y, Subdivision 1(b),
of the Real Property Tax Law.
In accordance with § 581, Subdivision 1(c), of the
Real Property Tax Law and § 399-y, Subdivision 1(f), of
the Real Property Tax Law,[1] 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 § 399-y, Subdivision
1(b), of the Real Property Tax Law shall apply to any converted condominium
units in the City of Rye.
[1]
Editor's Note: See § 339-y, Subdivision 1(f),
of the Real Property Tax Law.
