[Adopted 8-17-2015 by L.L. No. 3-2016]
A. 
This article is adopted pursuant to Chapter 293 of the Laws of the State of New York 1997, which enacted § 581, Subdivision 1(c), of the Real Property Tax Law and § 339-y, Subdivision 1(f), of the Real Property Tax Law for the purpose of preventing lower assessments of converted condominiums.
B. 
In accordance with § 581, Subdivision 1(c), of the Real Property Tax Law and § 339-y, Subdivision 1(f), of the Real Property Tax Law, neither § 581, Subdivision 1(a), of the Real Property Tax Law nor § 339-y, Subdivision 1(b), of the Real Property Tax Law shall apply to any converted condominium units in the City of Peekskill. A "converted condominium" shall mean 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 nor § 339-y, Subdivision 1(b), of the Real Property Tax.