§ 1438-B — Imposition of tax

New York § 1438-B

• Jurisdiction: New York
• Law TAX: Tax
• Art. 31-A-1: Tax On Real Estate Transfers In the Town of Red Hook

Text

* § 1438-b. Imposition of tax. Notwithstanding any other provisions of\nlaw to the contrary, the town of Red Hook, acting through its town\nboard, is hereby authorized and empowered to adopt a local law imposing\nin such town a tax on each conveyance of real property or interest\ntherein not to exceed a maximum of two percent of the consideration for\nsuch conveyance, subject to the exemptions set forth in section fourteen\nhundred thirty-eight-e of this article; any such local law shall fix the\nrate of such tax. Provided, however, any such local law imposing,\nrepealing or reimposing such tax shall be subject to a mandatory\nreferendum pursuant to section twenty-three of the municipal home rule\nlaw. Notwithstanding the foregoing, prior to adoption of such local law,\nthe town must establish a community preservation fund pursuant to\nsection sixty-four-h of the town law. Revenues from such tax shall be\ndeposited in such fund and may be used solely for the purposes of such\nfund. Such local law shall apply to any conveyance occurring on or after\nthe first day of a month to be designated by such town board, which is\nnot less than sixty days after the enactment of such local law, but\nshall not apply to conveyances made on or after such date pursuant to\nbinding written contracts entered into prior to such date, provided that\nthe date of execution of such contract is confirmed by independent\nevidence such as the recording of the contract, payment of a deposit or\nother facts and circumstances as determined by the treasurer.\n * NB Repealed December 31, 2026\n