The purpose of this article is to exclude converted condominium units from assessment under § 339-y, Subdivision 1(b), of the Real Property Law and § 581, Subdivision 1(a), of the Real Property Tax Law, so as to retain equitable distribution of the real property tax assessment.
[Adopted 2-18-1998 by L.L. No. 1-1998[1]]
[1]
Editor's Note: This local law also provided that it shall apply to assessment rolls prepared on the basis of taxable status date occurring on or after this local law's effective date.
As used in this article, the following terms shall have the meanings indicated:
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 Real Property Law § 339-y, Subdivision 1(b).
Any converted condominium unit as defined herein shall be excluded from the provisions of § 581, Subdivision 1(a), of the Real Property Tax Law with respect to the assessment of such converted condominium as condominiums.
Any converted condominium unit as defined herein shall be excluded from the provisions of § 339-y, Subdivision 1(b), of the Real Property Law in setting the assessment of such converted condominium as condominiums.