[Adopted 5-3-1999 by L.L. No. 1-1999 (Ch.
39A, Art. VI, of the 1963 Code)]
This article shall be known as the "Town of
Grand Island Converted Condominium Taxation Assessment Exclusion,"
Local Law No. 1 for the year 1999.
The purpose of this article is to exclude converted
condominium units from assessment under Real Property Law § 339-y.
The provisions of Real Property Law § 339-y, Subdivision
1, Paragraph (b) and the provisions of Real Property Tax Law § 581,
Subdivision 1, Paragraph (a), shall not apply to converted condominium
units in the Town of Grand Island.
A.
This article is subject and subordinate to all the
conditions and provisions contained in Article 9-B of the Real Property
Law, § 339-y, Subdivision 1, Paragraph (f), and Article
5 of the Real Property Tax Law, § 581, Subdivision 1, Paragraph
(c), and amendments thereto, and any and all rules and regulations
and opinions adopted or to be adopted by the State of New York.
B.
This article shall apply to real property situate
within the bounds of the Town of Grand Island.
The words and terms used in this article shall
have the same meaning as in Article 9-B of the Real Property Law and
Article 5 of the Real Property Tax Law.
This article shall take effect immediately and
shall apply to assessment rolls prepared on the basis of taxable status
dates occurring on or after such effective date.
