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.
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.