City of Rye, NY
Westchester County
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Table of Contents
Table of Contents
[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.
C. 
The City Council does hereby ordain and enact Article XIII to accomplish the aforesaid purpose.
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.