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.
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.