[Adopted 7-28-2003 by L.L. No. 2-2003]
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.