§ 22-1401 — Definitions

§ 22-1401 Definitions.

As used in this chapter, the following terms have the following meanings: Market value. The term “market value” means the amount listed as such on the most recent final assessment roll delivered by the department of finance to the city council pursuant to section 11-218. Owner. The term “owner” means a natural person who has an interest in the title to a residential property. Purchaser. The term “purchaser” means a person who submits an offer to acquire a residential property. Residential property. The term “residential property” means 1-, 2- or 3-family residential real property classified as class 1 pursuant to subdivision 1 of section 1802 of the real property tax law. Unsolicited offer. The term “unsolicited offer” means an offer to purchase an owner’s fractional or full interest in a residential property where such owner has not solicited an offer, has not advertised such property for sale, and has not otherwise indicated an intent to sell such property absent such offer. (L.L. 2025/025, 3/15/2025, eff. 7/13/2025)