[Adopted 8-8-2018 by L.L. No. 4-2018]
As used in this article, the following terms shall have the meanings 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 l(a) of the Real Property Tax Law or § 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 § 339-y, Subdivision l(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 l(a) of the Real Property Tax Law nor § 339-y, Subdivision l(b) of the Real Property Tax Law shall apply to any converted condominium units in the Town of North Castle.