This article shall be known as and may be cited
as Local Law No.2-2003 of the Town of Victor. The purpose of this
article is to eliminate the requirements of Paragraph (a) of Subdivision
1 of § 581 of the Real Property Tax Law and the requirements
of Paragraph (b) of Subdivision 1 of § 339-y of the Real
Property Law, which presently require that the aggregate assessment
of converted condominium units plus their common interest cannot exceed
the total valuation of the property assessed as one parcel. This article
is made possible by the enactment of the provisions of Paragraph (c)
of Subdivision 1 of § 581 that provides that a municipality
may, by local law, eliminate the effect of the above-referenced provisions
of the Real Property Tax Law and the Real Property Law, as these laws
affect condominium units not previously subject to those provisions.
The Town Board of the Town of Victor finds and
hereby determines that it is necessary to eliminate the requirements
of § 581(1)(a) of the Real Property Tax Law and § 339-y(1)(b)
of the Real Property Law.
The provisions of Paragraph (a) of Subdivision
1 of § 581 of the Real Property Tax Law and the provisions
of Paragraph (b) of Subdivision 1 of § 339-y of the Real
Property Law shall not apply to any converted condominium unit within
the Town of Victor that was not previously subject thereto. The term
“converted condominium unit” shall have the same meaning
as that used in Paragraph (c) of Subdivision 1 of § 581
of the Rear Property Tax Law and Paragraph (f) of Subdivision 1 of
§ 339-y of the Real Property Law.