[Adopted 6-7-2007 by L.L. No. 3-2007]
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.