[HISTORY: Adopted by the Town Board of the
Town of Lancaster 12-15-1997 by L.L. No. 3-1997 (Ch. 10 of the 1966 Codification).
Amendments noted where applicable.]
It is the purpose of this chapter to exclude
converted condominium units from assessment under § 339-y,
Subdivision 1(b), of the Real Property Law and § 581, Subdivision
1(a), of the Real Property Tax Law, so as to retain an equitable distribution
of the real property tax assessment.
As used in this chapter, 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 the provisions of § 339-y, Subdivision 1(b), of the Real
Property Law.
Any converted condominium unit as defined herein
shall be excluded from the provisions of § 581, Subdivision
1(a), of the Real Property Tax Law with respect to the assessment
of such converted condominium as condominiums.
Any converted condominium unit as defined herein
shall be excluded from the provisions of § 339-y, Subdivision
1(b), of the Real Property Law in setting the assessment of such converted
condominium as condominiums.
This chapter shall take effect immediately and
apply to assessment rolls prepared on the basis of taxable status
date occurring on or after such effective date.
