NY Tax L § 1449-BB (2021)
2021 New York Laws TAX - Tax Article 31-D - Tax on Real Estate Transfers in Towns in the Peconic Bay Region 1449-BB - Imposition of Tax.

* §   1449-bb.   Imposition  of  tax.  1.  Notwithstanding  any  other   provisions of law to the contrary, any town in the Peconic  Bay  region,   acting  through  its  town  board, is hereby authorized and empowered to   adopt a local law imposing in such town a tax on each conveyance of real   property or  interest  therein  where  the  consideration  exceeds  five   hundred  dollars,  at  the  rate of two percent of the consideration for   such  conveyance.  Provided,  however,  any  such  local  law  imposing,   repealing  or  reimposing  such  tax  shall  be  subject  to a mandatory   referendum pursuant to section twenty-three of the municipal  home  rule   law. Notwithstanding the foregoing, prior to adoption of such local law,   the  town  must  establish  a  community  preservation  fund pursuant to   section sixty-four-e of the town law. Revenues from such  tax  shall  be   deposited  in  such fund and may be used solely for the purposes of such   fund. Such local law shall apply to any conveyance occurring on or after   the first day of a month to be designated by such town board,  which  is   not  less  than  sixty  days  after the enactment of such local law, but   shall not apply to conveyances made on or after such  date  pursuant  to   binding written contracts entered into prior to such date, provided that   the  date  of  execution  of  such  contract is confirmed by independent   evidence such as the recording of the contract, payment of a deposit  or   other facts and circumstances as determined by the treasurer.2.  Notwithstanding  any  other  provisions of law to the contrary, in   addition to the tax authorized by subdivision one of this  section,  any   town in the Peconic Bay region, acting through its town board, is hereby   authorized  and  empowered  to adopt a local law imposing in such town a   supplemental tax on each conveyance of real property or interest therein   where the consideration exceeds five hundred dollars, at the rate of one   half of one percent of the consideration for such conveyance.  Provided,   however,  any  such  local  law  imposing, repealing or re-imposing such   supplemental tax shall be subject to a mandatory referendum pursuant  to   section twenty-three of the municipal home rule law. Notwithstanding the   foregoing,  prior to adoption of such local law, the town must establish   a community housing fund pursuant to section sixty-four-k  of  the  town   law. Revenues from such supplemental tax shall be deposited in such fund   and  may  be  used  solely for the purposes of such fund. Such local law   shall apply to any conveyance occurring on or after the first day  of  a   month  to be designated by such town board, which is not less than sixty   days after the enactment of such local  law,  but  shall  not  apply  to   conveyances  made  on  or  after  such  date pursuant to binding written   contracts entered into prior to such date, provided  that  the  date  of   execution  of such contract is confirmed by independent evidence such as   the recording of the contract, payment of a deposit or other  facts  and   circumstances  as  determined by the treasurer. Any tax imposed pursuant   to this subdivision shall be administered and collected in a like manner   as the tax imposed by subdivision one of this section.* NB Repealed December 31, 2050