[Adopted 9-29-1997 by L.L. No. 4-1997 (Ch.
102, Art. II, of the 1971 Code); amended in its entirety at time of
adoption of Code (see Ch. 1, General Provisions, Art. IV)]
Legislative findings. The Town Board of the Town of
Fallsburg finds that the State of New York has provided legislative
relief to towns in New York State with respect to the conversion of
real property from other forms of ownership into condominium ownership.
Included in that relief is the right to enact local laws that provide
that converted condominiums should not be assessed and taxed pursuant
to formulas provided for assessment and taxation of condominiums provided
by § 339-y(a) of the Real Property Law and § 581(a) of the
Real Property Tax Law. The Town of Fallsburg wishes to avail itself
of this provision of law.
Nonapplicability of statutory provisions. Section
581(a) of the Real Property Tax Law and § 339-y(a) of the Real
Property Law with respect to the assessment and taxation of condominiums
shall not apply to any condominiums in the Town of Fallsburg that
have been converted into condominium status from any other form of
ownership.
Nonretroactivity.
Nothing contained in this section shall be construed to modify or
otherwise change the taxable status of any converted condominium previously
taxed under any previous provision of this section.