NY Tax L § 1448-G (2021)
2021 New York Laws TAX - Tax Article 31-B-1 - Tax on Real Estate Transfers in the County of Essex 1448-G - Definitions.

§  1448-g.  Definitions.  When  used in this article, unless otherwise expressly stated:   1. "Person" means an individual,  partnership,  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  county  of Essex. 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  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.   8.  "Grantee"  means  the person who obtains real property or interest therein as a result of a conveyance.   9. "Recording officer" means the county clerk of the county of Essex.   10. "Treasurer" means the treasurer of the county of Essex.