[Adopted 9-21-2005 by L.L. No. 1-2005]
This article shall be known as the "Town of Elma Converted Condominium Taxation Assessment Exclusion Local Law No. 2005-1."
The purpose of this article is to exclude converted condominium units from assessment under Real Property Law § 339-y.
A. 
This article is subject and subordinate to all the conditions and provisions contained in Article 9-B of the Real Property Tax Law, § 581, Subdivision 1, and amendments thereto, and any and all rules and regulations and opinions adopted or to be adopted by the State of New York.
B. 
This article shall apply to real property situate within the bounds of the Town of Elma.
The words and terms used in this article shall have the same meaning as in Article 9-B of the Real Property Law and Article 5 of the Real Property Tax Law.