Bill > S01811

This bill authorizes the town of Blooming Grove to establish a community preservation fund and impose a real estate transfer tax with the revenues deposited into that fund. The community preservation fund can be used for various purposes related to preserving the town's community character, such as acquiring interests in real property, establishing a transfer of development rights program, and providing management and stewardship of the acquired lands. The real estate transfer tax, which can be up to 0.75% of the consideration for the conveyance, must be paid by the grantee or the grantor in certain circumstances. The bill also outlines exemptions to the real estate transfer tax, provides for a credit against the tax, and includes other provisions related to the administration and enforcement of the tax.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2021/S1811