An article to prevent lower assessments of converted
condominiums pursuant to § 581 of the Real Property Tax
Law and § 339-y of the Real Property Law.
This article is adopted pursuant to Chapter
293 of the Laws of New York, 1997, for the purpose of preventing lower
assessments of converted condominiums.
Neither Paragraph (a) of Subdivision (1) of
§ 581 of the Real Property Tax Law nor Paragraph (b) of
Subdivision (1) of § 339-y of the Real Property Law shall
apply to any converted condominium unit in the Village of Piermont.
For the purpose of this article, "converted
condominium unit" shall mean a dwelling unit held in condominium form
of ownership that has previously been on a assessment roll as a dwelling
unit in other than condominium form of ownership and has not been
previously subject to the provisions of § 581(1)(a) of the
Real Property Tax Law or § 339-y(1)(b) of the Real Property
Law.