[Adopted 12-30-1997 by Ord. No. 9-1997]
This article shall be known as the "Property Tax Assessments for Converted Condominiums Local Law of the Town of Brighton."
It is the purpose and intent of this article to implement legislation which amends § 581, Subdivision 1(c), of the Real Property Tax Law and § 339-y, Subdivision 1, of the Real Property Law of the State of New York to remove the restrictions of § 581, Subdivision 1(a) of the Real Property Tax Law that requires that the sum of the assessed valuations of individual converted condominium units not exceed the assessed value of the complex valued as a single entity.
The amendments to the Real Property Tax Law and the Real Property Law of the State of New York, which added a new § 581, Subdivision 1(c), to the Real Property Tax Law and a new § 339-y, Subdivision 1(f), to the Real Property Law, are hereby adopted by the Town Board effective for assessment rolls prepared on the basis of taxable status dates occurring on or after the effective date of this article.