[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.
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.
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.
