[Adopted 3-9-1998 by L.L.
No. 1-1998 (Ch. 38 of the 1968 Code)]
This article shall be entitled "Real Property
Tax Assessment - Converted Condominium Law of the Village of Fairport."
This article is enacted pursuant to authority
granted to the Village of Fairport by enabling legislation enacted
by the State of New York (Chapter 239 of the Laws of 1997) which permits
a municipality to exclude converted condominium units within the municipality
from the provisions of Real Property Tax Law § 581, Subdivision
1, and Real Property Law § 339-y. The cited provisions of
New York State law provide that real property owned or leased by a
cooperative corporation or on a condominium basis shall be assessed
for purposes of real property tax assessment at a sum not exceeding
the assessment which would be placed upon such parcel were the parcel
not owned or leased by a cooperative corporation or on a condominium
basis.
For purposes of this article, the following
terms shall have the meanings indicated:
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 Real Property Tax Law § 581, Subdivision 1, or Real Property
Law § 339-y.
The provisions of Real Property Tax Law § 581,
Subdivision 1, and Real Property Law § 339-y shall not apply
to converted condominiums within the Village of Fairport.
This article shall become effective on the 20th
day after it is adopted and upon completion of filing with the Secretary
of State, pursuant to Municipal Home Rule Law § 27, and
shall apply to assessment rolls prepared on the basis of taxable status
dates occurring on or after January 1, 1998.
