§ 339-y. Separate taxation. 1. (a) With respect to all property\nsubmitted to the provisions of this article other than property which is\nthe subject of a qualified leasehold condominium, each unit and its\ncommon interest, not including any personal property, shall be deemed to\nbe a parcel and shall be subject to separate assessment and taxation by\neach assessing unit, school district, special district, county or other\ntaxing unit, for all types of taxes authorized by law including but not\nlimited to special ad valorem levies and special assessments, except\nthat the foregoing shall not apply to a unit held under lease or\nsublease unless the declaration requires the unit owner to pay all taxes\nattributable to his unit. Neither the building, the property nor any of\nthe common elements shall be deemed to be a parcel.\n (b) In no event shall the aggregate of the assessment of the units\nplus their common interests exceed the total valuation of the property\nwere the property assessed as a parcel.\n (c) For the purposes of this and the next succeeding section the terms\n"assessing unit", "assessment", "parcel", "special ad valorem levy",\n"special assessment", "special district", "taxation" and "taxes" shall\nhave the meanings specified in section one hundred two of the real\nproperty tax law.\n (d) The provisions of paragraph (b) of this subdivision shall not\napply to such real property classified within:\n (i) on and after January first, nineteen hundred eighty-six, class one\nof section one thousand eight hundred two of the real property tax law;\nor\n (ii) on and after January first, nineteen hundred eighty-four, the\nhomestead class of an approved assessing unit which has adopted the\nprovisions of section one thousand nine hundred three of the real\nproperty tax law, or the homestead class of the portion outside an\napproved assessing unit of an eligible split school district which has\nadopted the provisions of section nineteen hundred three-a of the real\nproperty tax law; provided, however, that, in an approved assessing unit\nwhich adopted the provisions of section one thousand nine hundred three\nof the real property tax law prior to the effective date of this\nsubdivision, paragraph (b) of this subdivision shall apply to all such\nreal property (i) which is classified within the homestead class\npursuant to paragraph one of subdivision (e) of section one thousand\nnine hundred one of the real property tax law and (ii) which, regardless\nof classification, was on the assessment roll prior to the effective\ndate of this subdivision unless the governing body of such approved\nassessing unit provides by local law adopted after a public hearing,\nprior to the taxable status date of such assessing unit next occurring\nafter December thirty-first, nineteen hundred eighty-three, that such\nparagraph (b) shall not apply to such real property to which this clause\napplies. Provided further, however, real property subject to the\nprovisions of this subparagraph shall be assessed pursuant to\nsubdivision two of section five hundred eighty-one of the real property\ntax law.\n (e) On the first assessment roll with a taxable status date on or\nafter the effective date of a declaration filed with the recording\nofficer and on every assessment roll thereafter, the assessor shall\nenter each unit as a parcel, as provided in paragraph (a) of this\nsubdivision, based upon the condition and ownership of each such unit on\nthe appropriate valuation and taxable status dates. Units owned by a\ndeveloper may be entered as a single parcel with a parcel description\ncorresponding to the entire development, including the land under such\ndevelopment, and excluding those units appearing separately. Upon the\nfirst assessment roll where each unit is separately assessed, only an\nindividual unit and its common interest shall constitute a parcel.\n (f) The provisions of paragraph (b) of this subdivision shall not\napply to a converte
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