§ 1450-B — Imposition of tax

* § 1450-b. Imposition of tax. Notwithstanding any other provisions of\nlaw to the contrary, the town of Copake, acting through its town board,\nis hereby authorized and empowered to adopt a local law imposing in such\ntown a tax on each conveyance of real property or interest therein not\nto exceed a maximum of two percent of the consideration for such\nconveyance, subject to the exemptions set forth in section fourteen\nhundred fifty-e of this article; any such local law shall fix the rate\nof such tax. Provided, however, any such local law imposing, repealing\nor reimposing such tax shall be subject to a mandatory referendum\npursuant to section twenty-three of the municipal home rule law.\nNotwithstanding the foregoing, prior to adoption of such local law, the\ntown must establish a community preservation fund pursuant to section\nsixty-four-l of the town law. Revenues from such tax shall be deposited\nin such fund and may be used solely for the purposes of such fund. Such\nlocal law shall apply to any conveyance occurring on or after the first\nday of a month to be designated by such town board, which is not less\nthan sixty days after the enactment of such local law, but shall not\napply to conveyances made on or after such date pursuant to binding\nwritten contracts entered into prior to such date, provided that the\ndate of execution of such contract is confirmed by independent evidence\nsuch as the recording of the contract, payment of a deposit or other\nfacts and circumstances as determined by the treasurer.\n * NB Effective February 19, 2026\n * NB Repealed December 31, 2045\n