Report of the Assessment Revaluation Committee recommending adoption of the Homestead Tax Option by the Village Board and School Board in connection with the town wide property revaluation. Implementation of the option would cause certain condominiums to be valued on the same basis as other residential property, namely current fair market value based on comparable sales, rather than on fictitious imputed rental income. The present valuation methodology results in a condominium paying only about 1/3 of the property tax as a residential house having the same market value.