Bill
Bill > A05373
NY A05373
NY A05373Authorizes the town of Orangetown to establish community preservation funds; establishes a real estate transfer tax with revenues therefrom to be deposited in said community preservation fund.
summary
Introduced
02/16/2021
02/16/2021
In Committee
06/10/2021
06/10/2021
Crossed Over
06/10/2021
06/10/2021
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the town law, in relation to authorizing the town of Orangetown, county of Rockland to establish community preservation funds; to amend the tax law, in relation to authorizing the town of Orangetown to impose a real estate transfer tax with revenues therefrom to be deposited in said community preservation fund; and providing for the repeal of certain provisions upon expiration thereof
AI Summary
This bill authorizes the town of Orangetown to establish a community preservation fund and imposes a real estate transfer tax, with the revenues from the tax to be deposited in the community preservation fund. The community preservation fund can be used for a variety of purposes related to preserving the town's community character, such as acquiring interests in real property, establishing a transfer of development rights program, and managing and maintaining preserved lands. The real estate transfer tax can be up to 0.75% of the consideration for a real estate conveyance, subject to certain exemptions, and must be paid by the grantee or grantor in certain circumstances. The town must hold a mandatory referendum before adopting the local law imposing the tax. The real estate transfer tax provisions will expire on December 31, 2041.
Committee Categories
Budget and Finance, Government Affairs, Housing and Urban Affairs
Sponsors (2)
Last Action
amended on third reading 5373b (on 06/01/2022)
Official Document
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