[Adopted 3-16-2006 by L.L. No. 1-2006]
A. 
The provisions of Real Property Tax Law § 581, Subdivision 1(a), relating to the assessment of condominiums shall not apply to converted condominiums located within the Town.
B. 
For purposes of this article, a "converted condominium" shall mean a dwelling unit held in condominium form of ownership that:
(1) 
Has previously been on the Town's assessment roll as a dwelling unit in other than condominium form of ownership; and
(2) 
Has not previously been subject to the condominium assessment limitation contained in Real Property Tax Law § 581, Subdivision 1(a).