[Adopted 2-11-1998 by L.L. No. 2-1998]
Condominium units presently receive a beneficial
real property tax assessment pursuant to Real Property Law § 339-y
and Real Property Tax Law § 581. Under the provisions, the
aggregate assessment of their units plus common interests cannot exceed
the total valuation of the property assessed as a parcel. Based on
these provisions, condominium units often pay less property taxes
than other real property of similar value. This has created a situation
where certain people are converting property into condominium ownership
to receive the preferential treatment under the law. Pursuant to an
amendment of §§ 581 and 339-y, the Town can, by local
law, provide that the provisions of § 581, Subdivision 1(a),
and § 339-y, Subdivision 1(b) shall not apply to a converted
condominium units within the Town.
For the purposes of this article, a converted
condominium unit 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 subjected to the provisions of §§ 581 of
the Real Property Tax Law and 339-y of the Real Property Law.
The provisions of § 581, Subdivision
1(a), of the Real Property Tax Law and § 339-y, Subdivision
1(b), of the Real Property Law shall not apply to any converted condominium
unit within the Town of Ramapo.
