2023 New York Laws › TAX - Tax › Article 31-A-3 - Tax on Real Estate Transfers in the Town of Northeast › 1439-EE - Exemptions.

* §  1439-ee.  Exemptions.  1.  The following shall be exempt from the
payment of the real estate transfer tax imposed by this article:
(a) The state of New York, or any of its agencies,  instrumentalities,
political  subdivisions,  or  public  corporations  (including  a public
corporation created pursuant to an agreement  or  compact  with  another
state or the Dominion of Canada); and
(b)  The  United  Nations,  the United States of America or any of its
agencies or instrumentalities.
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 deed previously recorded;
(d) Conveyances of real property without consideration  and  otherwise
than in connection with a sale, including deeds 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 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;
(j)  Conveyances  of  real  property  or a portion or portions of real
property  that  are  the  subject  of  one  or  more  of  the  following
development restrictions:
(1) agricultural, conservation, scenic, or an open space easement,
(2)  covenants  or  restrictions  prohibiting  development  where  the
property or portion of property being conveyed has had  its  development
rights permanently removed,
(3)  a  purchase of development rights agreement where the property or
portion of property  being  conveyed  has  had  its  development  rights
permanently removed,
(4)  a  transfer  of  development rights agreement, where the property
being conveyed has had its development rights removed,
(5) real property subject to any  locally  adopted  land  preservation
agreement, provided said exemption is included in the local law imposing
the tax authorized by this article;
(k)  Conveyances  of  real  property,  where  the  property  is viable
agricultural land as defined  in  subdivision  seven  of  section  three
hundred  one  of the agriculture and markets law and the entire property
to be conveyed  is  to  be  made  subject  to  one  of  the  development
restrictions  provided  for in subparagraph two of paragraph (j) of this
subdivision provided that said  development  restriction  precludes  the
conversion  of the property to a non-agricultural use for at least eight
years from the date of transfer, and  said  development  restriction  is
evidenced  by an easement, agreement, or other suitable instrument which
is to be conveyed to the town simultaneously with the conveyance of  the
real property; or
(l)  Conveyances  of  real property for open space, parks, or historic
preservation purposes  to  any  not-for-profit  tax  exempt  corporation
operated  for  conservation,  environmental,  or  historic  preservation
purposes.
3.  An exemption from the tax which is equal to the median sales price
of residential real property within the applicable county, as determined
by the office of real property services pursuant to section four hundred
twenty-five of the real property  tax  law,  shall  be  allowed  on  the
consideration  of the conveyance of improved or unimproved real property
or an interest therein.
* NB Repealed December 31, 2028