Bill > S00980

This bill authorizes cities and towns in New York to impose a tax of up to 2% on real estate transfers, with the revenues from the tax to be deposited in a community preservation fund. The fund can be used for purposes such as acquiring interests in real property to preserve community character, establishing parks and recreation areas, preserving agricultural lands, and protecting historic properties. The bill also establishes procedures for creating a community preservation plan and an advisory board to oversee the fund. Prior to adopting the real estate transfer tax, the municipality must establish the community preservation fund.