[Adopted 9-29-1997 by L.L. No. 4-1997 (Ch. 102, Art. II, of the 1971 Code); amended in its entirety at time of adoption of Code (see Ch. 1, General Provisions, Art. IV)]
A. 
Legislative findings. The Town Board of the Town of Fallsburg finds that the State of New York has provided legislative relief to towns in New York State with respect to the conversion of real property from other forms of ownership into condominium ownership. Included in that relief is the right to enact local laws that provide that converted condominiums should not be assessed and taxed pursuant to formulas provided for assessment and taxation of condominiums provided by § 339-y(a) of the Real Property Law and § 581(a) of the Real Property Tax Law. The Town of Fallsburg wishes to avail itself of this provision of law.
B. 
Nonapplicability of statutory provisions. Section 581(a) of the Real Property Tax Law and § 339-y(a) of the Real Property Law with respect to the assessment and taxation of condominiums shall not apply to any condominiums in the Town of Fallsburg that have been converted into condominium status from any other form of ownership.
C. 
Nonretroactivity. Nothing contained in this section shall be construed to modify or otherwise change the taxable status of any converted condominium previously taxed under any previous provision of this section.