2023 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