* § 1449-bb. Imposition of tax.
1.Notwithstanding any other\nprovisions of law to the contrary, any town in the Peconic Bay region,\nacting through its town board, is hereby authorized and empowered to\nadopt a local law imposing in such town a tax on each conveyance of real\nproperty or interest therein where the consideration exceeds five\nhundred dollars, at the rate of two percent of the consideration for\nsuch conveyance. 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-e of the town law.
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* § 1449-bb. Imposition of tax. 1. Notwithstanding any other\nprovisions of law to the contrary, any town in the Peconic Bay region,\nacting through its town board, is hereby authorized and empowered to\nadopt a local law imposing in such town a tax on each conveyance of real\nproperty or interest therein where the consideration exceeds five\nhundred dollars, at the rate of two percent of the consideration for\nsuch conveyance. 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-e 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 2. Notwithstanding any other provisions of law to the contrary, in\naddition to the tax authorized by subdivision one of this section, any\ntown in the Peconic Bay region, acting through its town board, is hereby\nauthorized and empowered to adopt a local law imposing in such town a\nsupplemental tax on each conveyance of real property or interest therein\nwhere the consideration exceeds five hundred dollars, at the rate of one\nhalf of one percent of the consideration for such conveyance. Provided,\nhowever, any such local law imposing, repealing or re-imposing such\nsupplemental tax shall be subject to a mandatory referendum pursuant to\nsection twenty-three of the municipal home rule law. Notwithstanding the\nforegoing, prior to adoption of such local law, the town must establish\na community housing fund pursuant to section sixty-four-k of the town\nlaw. Revenues from such supplemental tax shall be deposited in such fund\nand may be used solely for the purposes of such fund. Such local law\nshall apply to any conveyance occurring on or after the first day of a\nmonth to be designated by such town board, which is not less than sixty\ndays after the enactment of such local law, but shall not apply to\nconveyances made on or after such date pursuant to binding written\ncontracts entered into prior to such date, provided that the date of\nexecution of such contract is confirmed by independent evidence such as\nthe recording of the contract, payment of a deposit or other facts and\ncircumstances as determined by the treasurer. Any tax imposed pursuant\nto this subdivision shall be administered and collected in a like manner\nas the tax imposed by subdivision one of this section.\n * NB Repealed December 31, 2050\n