§ 1449-BBBB — Imposition of tax

* § 1449-bbbb. Imposition of tax. Notwithstanding any other provisions\nof law to the contrary, the town of Warwick, 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 where the consideration exceeds five hundred dollars, at the\nrate of three-quarters of one percent of the consideration for such\nconveyance. Provided, however, any such local law imposing, repealing or\nreimposing such tax shall be subject to a mandatory referendum pursuant\nto section twenty-three of the municipal home rule law. Notwithstanding\nthe foregoing, prior to adoption of such local law, the town must\nestablish a community preservation fund pursuant to section sixty-four-g\nof the town law. Revenues from such 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of the contract, payment of a deposit or other facts and\ncircumstances as determined by the treasurer.\n * NB Repealed December 31, 2050\n