This local law is adopted pursuant to Chapter
293, Laws of 1997, for the purpose of preventing lower assessments
of converted condominiums.
Neither Subsection (a) of Subdivision 1 of § 581
of the Real Property Tax law nor Subsection (b) of Subdivision 1 of
§ 339-y of the Real Property Law shall apply to any converted
condominium unit in the Village of Liberty.
For the purpose of this local law, "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 subject to the provisions of § 581, Subdivision
1(a), of the Real Property Tax Law or § 339-y, Subdivision
1(b), of the Real Property Law.
This local law shall take effect immediately
upon its filing with the Secretary of State.