This chapter shall be known as the "Assessment
of Real Property Law."
The Village shall cease to be an assessing unit,
and Village taxes shall be levied on a copy of the applicable town
assessment rolls as provided by and pursuant to Subdivision 3 of § 1402
of the Real Property Tax Law of the State of New York.
This chapter is subject to permissive referendum
and shall take effect 45 days after adoption by the Board of Trustees,
unless a petition shall be filed with the Village Clerk protesting
against this chapter prior to the expiration of said forty-five-day
period; and in the event that such a petition is duly filed, this
chapter shall not be effective until approved by the voters at a general
or special election.