§ 1450-E — Exemptions

* § 1450-e. Exemptions. 1. The following shall be exempt from the\npayment of the real estate transfer tax imposed by this article:\n (a) The state of New York, or any of its agencies, instrumentalities,\npolitical subdivisions, or public corporations (including a public\ncorporation created pursuant to an agreement or compact with another\nstate or the Dominion of Canada); and\n (b) The United Nations, the United States of America or any of its\nagencies or instrumentalities.\n 2. The tax shall not apply to any of the following conveyances:\n (a) Conveyances to the United Nations, the United States of America,\nthe state of New York, or any of their instrumentalities, agencies or\npolitical subdivisions (or any public corporation, including a public\ncorporation created pursuant to agreement or compact with another state\nor the Dominion of Canada);\n (b) Conveyances which are or were used to secure a debt or other\nobligation;\n (c) Conveyances which, without additional consideration, confirm,\ncorrect, modify or supplement a deed previously recorded;\n (d) Conveyances of real property without consideration and otherwise\nthan in connection with a sale, including deeds conveying realty as bona\nfide gifts;\n (e) Conveyances given in connection with a tax sale;\n (f) Conveyances to effectuate a mere change of identity or form of\nownership or organization where there is no change in beneficial\nownership, other than conveyances to a cooperative housing corporation\nof the real property comprising the cooperative dwelling or dwellings;\n (g) Conveyances which consist of a deed of partition;\n (h) Conveyances given pursuant to the federal bankruptcy act;\n (i) Conveyances of real property which consist of the execution of a\ncontract to sell real property without the use or occupancy of such\nproperty or the granting of an option to purchase real property without\nthe use or occupancy of such property;\n (j) Conveyances of real property or a portion or portions of real\nproperty that are the subject of one or more of the following\ndevelopment restrictions:\n (1) agricultural, conservation, scenic, or an open space easement;\n (2) covenants or restrictions prohibiting development where the\nproperty or portion of property being conveyed has had its development\nrights permanently removed;\n (3) a purchase of development rights agreement where the property or\nportion of property being conveyed has had its development rights\npermanently removed;\n (4) a transfer of development rights agreement, where the property\nbeing conveyed has had its development rights removed;\n (5) real property subject to any locally adopted land preservation\nagreement, provided said exemption is included in the local law imposing\nthe tax authorized by this article;\n (k) Conveyances of real property, where the property is viable\nagricultural land as defined in subdivision seven of section three\nhundred one of the agriculture and markets law and the entire property\nto be conveyed is to be made subject to one of the development\nrestrictions provided for in subparagraph two of paragraph (j) of this\nsubdivision provided that said development restriction precludes the\nconversion of the property to a non-agricultural use for at least eight\nyears from the date of transfer, and said development restriction is\nevidenced by an easement, agreement, or other suitable instrument which\nis to be conveyed to the town simultaneously with the conveyance of the\nreal property; or\n (l) Conveyances of real property for open space, parks, or historic\npreservation purposes to any not-for-profit tax exempt corporation\noperated for conservation, environmental, or historic preservation\npurposes.\n 3. An exemption from the tax which is equal to the median sales price\nof residential real property within the applicable county, as determined\nby the office of real property services pursuant to section four hundred\ntwenty-five of the real property tax law, shall be allowed on the\nconsideration of the conveyance of improved or unimproved real property\nor an interest therein.\n * NB Effective February 19, 2026\n * NB Repealed December 31, 2045\n