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.
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, 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.