This article shall be known as "Converted Condominium
Assessment Method."
This article is enacted pursuant to the authority
of the New York State Municipal Home Rule Law § 10, New
York State Town Law Article 4, and New York State Real Property Tax
Law § 581(1)(c).
Pursuant to the authority granted to the Town
by Real Property Tax Law § 581(1)(c), the provisions of
Real Property Tax Law § 581(1)(a) shall not apply to converted
condominium units as defined in Real Property Tax Law § 581(1)(c)
for the purpose of assessing the value of said converted condominium
units.
This article shall apply to all condominiums
assessed and valued as of the next taxable status date following the
effective date of this article. The provisions of Real Property Law
§ 339-y(1)(f) shall also apply, and are incorporated herein.
If any part or provision of this article or
the application thereof to any person or circumstance is adjudicated
invalid by a court of competent jurisdiction, such judgment shall
be confined in its operation to the part or provision or application
directly involved in the controversy in which such judgment shall
have been rendered and shall not affect or impair the validity of
the remainder of this article or the application thereof to other
persons or circumstances.
This article shall take effect upon the appropriate
filings with the New York State Secretary of State.