NY Tax L § 1438-A (2021)
2021 New York Laws TAX - Tax Article 31-A-1 - Tax on Real Estate Transfers in the Town of Red Hook 1438-A - Definitions.

* §  1438-a.  Definitions. When used in this article, unless otherwise expressly stated, the following words and terms shall have the following meanings:   1.  "Person"  means  an  individual,  partnership,  limited  liability company, society, association, joint stock company, corporation, estate, receiver,  trustee,  assignee,  referee  or any other person acting in a fiduciary or representative capacity, whether appointed by  a  court  or otherwise,  any  combination  of  individuals,  and  any  other  form of unincorporated enterprise owned or conducted by two or more persons.   2. "Controlling interest" means (a) in  the  case  of  a  corporation, either  fifty  percent or more of the total combined voting power of all classes of stock of such corporation, or fifty percent or  more  of  the capital,  profits  or  beneficial  interest in such voting stock of such corporation, and (b) in the case of a partnership, association, trust or other  entity,  fifty  percent  or  more  of  the  capital,  profits  or beneficial  interest  in  such  partnership, association, trust or other entity.   3. "Real property" means every estate or right,  legal  or  equitable, present  or  future,  vested  or  contingent,  in  lands,  tenements  or hereditaments, including buildings, structures  and  other  improvements thereon,  which  are  located in whole or in part within the town of Red Hook. It shall not include rights to sepulture.   4. "Consideration" means the price actually paid  or  required  to  be paid for the real property or interest therein, including payment for an option  or  contract to purchase real property, whether or not expressed in the deed and whether paid or required to be paid by money,  property, or  any  other  thing  of  value.  It  shall include the cancellation or discharge of an indebtedness or obligation. It shall  also  include  the amount   of  any  mortgage,  purchase  money  mortgage,  lien  or  other encumbrance, whether or not the underlying indebtedness  is  assumed  or taken subject to.  (a)  In the case of a creation of a leasehold interest or the granting of an option with use and  occupancy  of  real  property,  consideration shall  include, but not be limited to, the value of the rental and other payments attributable to the use and occupancy of the real  property  or interest therein, the value of any amount paid for an option to purchase or  renew  and the value of rental or other payments attributable to the exercise of any option to renew.  (b)  In  the  case  of  a  creation  of   a   subleasehold   interest, consideration  shall  include,  but  not be limited to, the value of the sublease rental payments attributable to the use and  occupancy  of  the real  property,  the value of any amount paid for an option to renew and the value of rental or other payments attributable to  the  exercise  of any  option  to renew less the value of the remaining prime lease rental payments required to be made.  (c) In the case of a controlling interest in any entity that owns real property, consideration shall mean the fair market  value  of  the  real property or interest therein, apportioned based on the percentage of the ownership interest transferred or acquired in the entity.  (d)  In the case of an assignment or surrender of a leasehold interest or the assignment or surrender of an option or contract to purchase real property, consideration shall not include the  value  of  the  remaining rental  payments required to be made pursuant to the terms of such lease or the amount to be paid for the real property pursuant to the terms  of the option or contract being assigned or surrendered.  (e) In the case of (1) the original conveyance of shares of stock in a cooperative housing corporation in connection with the grant or transfer of a proprietary leasehold by the cooperative corporation or cooperative  plan  sponsor, and (2) the subsequent conveyance by the owner thereof of such stock in a cooperative housing corporation in connection  with  the grant  or  transfer  of  a  proprietary leasehold for a cooperative unit other than an individual residential unit, consideration shall include a proportionate  share of the unpaid principal of any mortgage on the real property  of  the  cooperative  housing   corporation   comprising   the cooperative  dwelling  or  dwellings.  Such share shall be determined by multiplying the total unpaid principal of the mortgage  by  a  fraction, the  numerator  of  which  shall  be the number of shares of stock being conveyed in the cooperative housing corporation in connection  with  the grant  or  transfer  of  a  proprietary leasehold and the denominator of which shall be the total number of shares of stock  in  the  cooperative housing corporation.   5.  "Conveyance"  means  the  transfer or transfers of any interest in real property by  any  method,  including  but  not  limited  to,  sale, exchange,  assignment, surrender, mortgage foreclosure, transfer in lieu of foreclosure, option,  trust  indenture,  taking  by  eminent  domain, conveyance upon liquidation or by a receiver, or transfer or acquisition of  a  controlling  interest  in  any  entity  with  an interest in real property. Transfer of an interest in real  property  shall  include  the creation  of  a leasehold or sublease only where (a) the sum of the term of the lease or sublease and any options for renewal exceeds  forty-nine years, (b) substantial capital improvements are or may be made by or for the benefit of the lessee or sublessee, and (c) the lease or sublease is for  substantially  all  of the premises constituting the real property. Notwithstanding the foregoing, conveyance of  real  property  shall  not include  a  conveyance  made pursuant to devise, bequest or inheritance; the   creation,   modification,   extension,    spreading,    severance, consolidation,  assignment,  transfer,  release  or  satisfaction  of  a mortgage; a  mortgage  subordination  agreement,  a  mortgage  severance agreement,  an  instrument  given  to  perfect  or  correct  a  recorded mortgage; or a release of lien of tax pursuant to this  chapter  or  the internal revenue code.   6.  "Interest in the real property" includes title in fee, a leasehold interest, a beneficial interest, an encumbrance, development rights, air space and air rights, or any other interest with the  right  to  use  or occupancy  of  real  property  or the right to receive rents, profits or other income derived from real property. It shall also include an option or contract to purchase real property. It shall not include a  right  of first refusal to purchase real property.   7.  "Grantor"  means the person making the conveyance of real property or interest therein. Where the conveyance consists of a transfer  or  an acquisition  of  a controlling interest in an entity with an interest in real property, "grantor" means the  entity  with  an  interest  in  real property  or  a shareholder or partner transferring stock or partnership interest, respectively.   8. "Grantee" means the person who obtains real  property  or  interest therein as a result of a conveyance.   9.  "Fund"  means  a  community  preservation fund created pursuant to section sixty-four-h of the town law.   10. "Recording officer" means  the  county  clerk  of  the  county  of Dutchess.   11. "Town" means the town of Red Hook, county of Dutchess.   12. "Treasurer" means the treasurer of the county of Dutchess.   13.  "Town  supervisor"  means  the town supervisor of the town of Red Hook.   14. "Tax" shall mean the real estate transfer tax imposed pursuant  to section  fourteen  hundred  thirty-eight-b  of  this  article or, if the  context clearly indicates, shall  mean  the  real  estate  transfer  tax imposed pursuant to article thirty-one of this chapter.   15.  "Residential  real  property"  means  property which satisfies at least one of the following conditions:  (a) the property classification code assigned to the property  on  the latest  final  assessment roll, as reported on the transfer report form, indicates that the property is a one, two or  three  family  home  or  a rural residence; or  (b)  the  transfer report indicates that the property is a one, two or three family residential property that has  been  newly  constructed  on vacant land; or  (c)  the  transfer  report  form  indicates  that  the  property  is a residential condominium.   * NB Repealed December 31, 2026