402 - United States or state property held under contract of sale.

§  402.   United States or state property held under contract of sale.  1.  Whenever the legal title of real property is in the  United  States,  or  in  the  state  of  New  York, but the use, occupation or possession  thereof is in a person, partnership, association or corporation under  a  contract  of  sale  or  other  agreement  whereby a right to acquire the  premises through an option, a first privilege  or  a  first  refusal  is  granted, or whereby upon one or more payments the legal title thereto is  to  be  or  may  be acquired by such person, partnership, association or  corporation, his or its interest in such real property shall be assessed  and taxed as real property and shall be entered in the  assessment  roll  in  the  same  manner  as  if  such  person, partnership, association or  corporation held the legal  title  to  such  property,  except  for  the  addition  to  the  description  of  the words "interest under contract",  "interest under option", or other appropriate words descriptive  of  the  interest  in  the property so assessed.  Such assessment shall be at the  full value of such interest.    2.   The assessors shall add  to  the  assessment  roll  opposite  the  description  of  any  such  interest  a  notation  stating that the real  property itself so owned by the United States, or by the state,  is  not  to be taxed.  Every notice of sale or other process and every conveyance  or other instrument affecting the title to any such property, consequent  upon  the  non-payment  of  any such tax, shall contain a statement that  such legal title is not sold or to be sold or affected.    3.   The classification of such interest  as  real  property  for  the  purposes  of  taxation  under  this chapter shall not be affected by any  provision of the contract or agreement under which the same is held.