§ 1439-BBB*2 — Imposition of tax

New York § 1439-BBB*2

• Jurisdiction: New York
• Law TAX: Tax
• Art. 31-A-4*2: Tax On Real Estate Transfers In the Town of Orangetown

Text

* § 1439-bbb. Imposition of tax. Notwithstanding any other provisions\nof law to the contrary, the town of Orangetown, 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 three-quarters of one percent of the\nconsideration for such conveyance, subject to the exemptions set forth\nin section fourteen hundred thirty-nine-eee of this article; any such\nlocal law shall fix the rate of such tax. Provided, however, any such\nlocal law imposing, repealing or reimposing such tax shall be subject to\na mandatory referendum pursuant to section twenty-three of the municipal\nhome rule law. Notwithstanding the foregoing, prior to adoption of such\nlocal law, the town must establish a community preservation fund\npursuant to section sixty-four-l of the town law. Revenues from such tax\nshall be deposited in such fund and may be used solely for the purposes\nof such fund. Such local law shall apply to any conveyance occurring on\nor after the first day of a month to be designated by such town board,\nwhich is not less than sixty days after the enactment of such local law,\nbut shall not apply to conveyances made on or after such date pursuant\nto binding written contracts entered into prior to such date, provided\nthat the 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a deposit or\nother facts and circumstances as determined by the treasurer.\n * NB Effective February 19, 2026\n * NB Repealed December 31, 2045\n * NB There are 2 § 1439-bbb's\n