§ 1561 — Imposition of tax

New York § 1561

• Jurisdiction: New York
• Law TAX: Tax
• Art. 33-B: Tax On Real Estate Transfers In Towns

Text

§ 1561. Imposition of tax. Notwithstanding any other provisions of law\nto the contrary, any designated community, acting through its governing\nbody, is hereby authorized and empowered to adopt a local law imposing\nin such designated community a tax on each conveyance of real property\nor interest therein where the consideration exceeds five hundred\ndollars, at a rate of up to two percent of the consideration for such\nconveyance; any such local law shall fix the rate of such tax. Provided,\nhowever, any such local law imposing, repealing or reimposing such tax\nshall be subject to a mandatory referendum pursuant to section\ntwenty-three of the municipal home rule law. Such local law shall only\nbe submitted for the approval of the electors at a November general\nelection. In addition to the filings required pursuant to article three\nof the municipal home rule law, the local law shall be filed with the\ncommissioner within twenty days of its approval by the electors.\nNotwithstanding the foregoing, prior to adoption of such local law, the\ndesignated community must establish a community preservation fund\npursuant to section six-s of the general municipal law. Revenues from\nsuch tax shall be deposited in such fund and may be used solely for the\npurposes of such fund. Such local law shall apply to any conveyance\noccurring on or after the first day of a month to be designated by such\ngoverning body, which is not less than sixty days after the enactment of\nsuch local law, but shall not apply to conveyances made on or after such\ndate pursuant to binding written contracts entered into prior to such\ndate, provided that the date of execution of such contract is confirmed\nby independent evidence such as the recording of the contract, payment\nof a deposit or other facts and circumstances as determined by the\ntreasurer.\n