2023 New York Laws › TAX - Tax › Article 31-A - Tax on Real Property Transfers for Transportation Assistance › 1428 - Exemptions.

§  1428.  Exemptions. 1. The following shall be exempt from payment of
the real estate transfer tax:
(a) The state of New York, or any of its agencies,  instrumentalities,
political  subdivisions,  or  public  corporations  (including  a public
corporation created pursuant to agreement or compact with another  state
or the Dominion of Canada).
(b)  The  United  Nations, the United States of America and any of its
agencies and instrumentalities.
The exemption of  such  governmental  bodies  or  persons  shall  not,
however, relieve a grantee from them of liability for the tax.
2. The tax shall not apply to any of the following conveyances:
(a)  Conveyances  to the United Nations, the United States of America,
the state of New York, or any of their  instrumentalities,  agencies  or
political  subdivisions  (or  any public corporation, including a public
corporation created pursuant to agreement or compact with another  state
or the Dominion of Canada);
(b)  Conveyances  which  are  or  were  used to secure a debt or other
obligation;
(c) Conveyances  which,  without  additional  consideration,  confirm,
correct, modify or supplement a prior conveyance;
(d)  Conveyances  of real property without consideration and otherwise
than in connection with a sale, including conveyances  conveying  realty
as bona fide gifts;
(e) Conveyances given in connection with a tax sale;
(f)  Conveyances  to  effectuate  a mere change of identity or form of
ownership or  organization  where  there  is  no  change  in  beneficial
ownership,  other  than conveyances to a cooperative housing corporation
of the real property comprising the cooperative dwelling or dwellings;
(g) Conveyances which consist of a deed of partition;
(h) Conveyances given pursuant to the federal bankruptcy act;
(i) Conveyances of real property owned and  occupied  as  a  principal
residence  by  one  or  more  persons, at least one of whom is sixty-two
years of age or over, provided that such property  was  both  owned  and
occupied  by  at  least one of such persons for a period of at least one
year prior to the date of  transfer,  and  further  provided  that  such
exemption  shall  be  limited  to  transfers  of  residential properties
consisting of one or two dwelling units;
(j) Conveyances of real property which consist of the execution  of  a
contract  to  sell  real  property  without the use or occupancy of such
property or the granting of an option to purchase real property  without
the use or occupancy of such property; and
(k)  Conveyances  of  an  option or contract to purchase real property
with the use or occupancy of such property where  the  consideration  is
less than two hundred thousand dollars and such property was used solely
by  the  grantor as his personal residence and consists of a one, two or
three-family house, an individual residential condominium  unit  or  the
sale  of  stock  in a cooperative housing corporation in connection with
the grant or transfer of a proprietary leasehold covering an  individual
residential cooperative unit.