A. 7922--A 2
SUCH PERSON'S PURCHASE OF THE PRIMARY RESIDENTIAL PROPERTY, AND WHO DOES
NOT OWN A VACATION OR INVESTMENT HOME.
(F) "PRIMARY RESIDENTIAL PROPERTY" MEANS ANY ONE OR TWO FAMILY HOUSE,
TOWNHOUSE, OR CONDOMINIUM.
(G) "ELIGIBLE INDIVIDUAL" MEANS A HOUSEHOLD WITH AN INCOME THAT DOES
NOT EXCEED ONE HUNDRED PERCENT OF THE INCOME LIMITS AS ESTABLISHED BY
THE STATE OF NEW YORK MORTGAGE AGENCY LOW INTEREST RATE LOAN PROGRAM IN
NON-TARGET CATEGORIES FOR ULSTER COUNTY IN EFFECT ON THE CONTRACT DATE
FOR THE SALE OF SUCH PROPERTY.
2. FUND AUTHORIZED. THE TOWN BOARD OF ROCHESTER IS AUTHORIZED TO
ESTABLISH BY LOCAL LAW A COMMUNITY HOUSING FUND, PURSUANT TO THE
PROVISIONS OF THIS SECTION. DEPOSITS INTO THE FUND MAY INCLUDE REVENUES
OF THE LOCAL GOVERNMENT FROM WHATEVER SOURCE, INCLUDING BUT NOT LIMITED
TO: (A) ALL REVENUES FROM THE SUPPLEMENTAL REAL ESTATE TRANSFER TAX
AUTHORIZED BY SUBDIVISION TWO OF SECTION FOURTEEN HUNDRED FIFTY-ONE-B OF
THE TAX LAW; (B) ALL PROCEEDS FROM ANY INDEBTEDNESS OR OBLIGATIONS
ISSUED PURSUANT TO THE LOCAL FINANCE LAW FOR COMMUNITY HOUSING OPPORTU-
NITY PURPOSES AS AUTHORIZED IN SUBDIVISION THREE OF THIS SECTION; (C)
GENERAL FUND BALANCES OR SURPLUSES; (D) ANY PROCEEDS RECEIVED BY THE
LOCAL GOVERNMENT FROM THE SALE OR RENTAL OF COMMUNITY HOUSING PRODUCED
FROM REVENUES OF THE FUND; (E) THE REPAYMENT OF ANY LOANS ISSUED FROM
PROCEEDS OF THE FUND; (F) ANY GIFTS OF INTERESTS IN LAND OR FUNDS; AND
(G) ANY STATE OR FEDERAL GRANTS RECEIVED BY THE TOWN FOR PROVIDING
AFFORDABLE HOMES.
3. PURPOSES OF THE FUND. THE PROCEEDS OF THE FUND ESTABLISHED PURSUANT
TO SUBDIVISION TWO OF THIS SECTION SHALL BE UTILIZED FOR THE FOLLOWING
PURPOSES:
(A) THE PROVISION OF FINANCIAL ASSISTANCE TO FIRST-TIME HOMEBUYERS WHO
ARE RESIDENTS OF THE TOWN FOR THE PURCHASE OF A FIRST HOME. SUCH FINAN-
CIAL ASSISTANCE MAY BE IN THE FORM OF A GRANT OR A LOAN;
(1) A TOWN MAY PROVIDE FINANCIAL ASSISTANCE FOR THE PURCHASE OF A
FIRST HOME TO A FIRST-TIME HOMEBUYER WHO IS A RESIDENT OF THE TOWN OR
WHO IS EMPLOYED IN THE TOWN. A RESIDENT OF THE TOWN SHALL INCLUDE A
PERSON WHO IS CURRENTLY A RESIDENT OF THE TOWN OR A NON-RESIDENT WHO HAS
BEEN A RESIDENT WITHIN THE PAST FIVE YEARS.
(2) SUCH FINANCIAL ASSISTANCE SHALL NOT EXCEED FIFTY PERCENT OF THE
PURCHASE PRICE OF THE HOME.
(3) IF SUCH FINANCIAL ASSISTANCE IS IN THE FORM OF A LOAN, SUCH LOAN
SHALL BE REPAYABLE TO THE TOWN PURSUANT TO THE TERMS AGREED TO BETWEEN
THE RECIPIENT AND THE TOWN, PROVIDED THAT ANY LOAN SHALL BE FULLY REPAID
BY THE RECIPIENT UPON THE RESALE OF THE HOME.
(4) FOR THE PURPOSES OF CALCULATING TOWN TAX LIABILITY FOR SUCH PROP-
ERTY, ONLY, THE DOLLAR AMOUNT OF ANY FINANCIAL ASSISTANCE FOR THE
PURCHASE OF A FIRST HOME MADE BY THE TOWN PURSUANT TO THIS SECTION SHALL
BE SUBTRACTED FROM THE FULL EQUALIZED ASSESSED VALUE OF SUCH PROPERTY.
(5) ALL REVENUES RECEIVED BY THE TOWN FROM THE REPAYMENT OF A LOAN
SHALL BE DEPOSITED IN THE FUND.
(6) A TOWN MAY PROVIDE FINANCIAL ASSISTANCE FOR COMMUNITY HOUSING IN
CONJUNCTION WITH A PUBLIC/PRIVATE PARTNERSHIP FOR EMPLOYER ASSISTED
HOUSING.
(B) THE ACTUAL PRODUCTION OF COMMUNITY HOUSING FOR SALE TO ELIGIBLE
INDIVIDUALS BY THE TOWN;
(C) THE ACTUAL PRODUCTION OF COMMUNITY HOUSING FOR SALE TO ELIGIBLE
INDIVIDUALS IN CONJUNCTION WITH A PUBLIC/PRIVATE PARTNERSHIP, WHERE THE
PRIVATE PARTNER AGREES TO COMPLY WITH THE PROFIT GUIDELINES OF THE NEW
A. 7922--A 3
YORK STATE AFFORDABLE HOUSING CORPORATION AND THE PROVISIONS OF THIS
SECTION;
(D) THE ACTUAL PRODUCTION AND MAINTENANCE OF COMMUNITY HOUSING FOR
RENTAL TO ELIGIBLE INDIVIDUALS EITHER BY THE TOWN OR THE TOWN HOUSING
AUTHORITY; OR IN CONJUNCTION WITH A PUBLIC/PRIVATE PARTNERSHIP, WHERE
THE PRIVATE PARTNER AGREES TO COMPLY WITH THE PROFIT GUIDELINES OF THE
NEW YORK STATE AFFORDABLE HOUSING CORPORATION AND THE PROVISIONS OF THIS
SECTION;
(E) THE REHABILITATION OF EXISTING BUILDINGS AND STRUCTURES IN THE
TOWN FOR THE PURPOSE OF CONVERSION TO COMMUNITY HOUSING FOR SALE OR
RENTAL TO ELIGIBLE INDIVIDUALS;
(F) THE ACQUISITION OF INTERESTS IN REAL PROPERTY IN EXISTING HOUSING
UNITS, WHICH WILL RESULT IN THE PRODUCTION OF COMMUNITY HOUSING FOR SALE
OR RENTAL TO ELIGIBLE INDIVIDUALS; AND
(G) THE PROVISION OF HOUSING COUNSELING SERVICES BY NOT-FOR-PROFIT
CORPORATIONS WHO ARE AUTHORIZED BY THE UNITED STATES DEPARTMENT OF HOUS-
ING AND URBAN DEVELOPMENT TO PROVIDE SUCH SERVICES.
4. FUND MANAGEMENT. INTEREST ACCRUED BY MONIES DEPOSITED INTO THE FUND
SHALL BE CREDITED TO THE FUND. IN NO EVENT SHALL MONIES DEPOSITED INTO
THE FUND BE TRANSFERRED TO ANY OTHER ACCOUNT. NOTHING CONTAINED IN THIS
SECTION SHALL BE CONSTRUED TO PREVENT THE FINANCING IN WHOLE OR IN PART,
PURSUANT TO THE LOCAL FINANCE LAW, OF ANY PURPOSE AUTHORIZED PURSUANT TO
THIS SECTION. MONIES FROM THE FUND MAY BE UTILIZED TO REPAY INDEBTEDNESS
OR OBLIGATIONS INCURRED PURSUANT TO THE LOCAL FINANCE LAW CONSISTENT
WITH EFFECTUATING THE PURPOSES OF THIS SECTION.
5. ELIGIBLE EXPENSES. FOR THE PURPOSES OF THIS SECTION, ELIGIBLE
EXPENSES RELATING TO THE PRODUCTION OF COMMUNITY HOUSING AND THE REHA-
BILITATION OF EXISTING BUILDINGS AND STRUCTURES UNDER THE FUND SHALL
INCLUDE BUT NOT BE LIMITED TO LAND ACQUISITION, PLANNING, ENGINEERING,
CONSTRUCTION COSTS, AND OTHER HARD AND SOFT COSTS DIRECTLY RELATED TO
THE CONSTRUCTION, REHABILITATION, PURCHASE OR RENTAL OF HOUSING PURSUANT
TO THIS SECTION. ALL REVENUES RECEIVED BY THE TOWN FROM THE SALE OR
RENTAL OF COMMUNITY HOMES, OR THE REPAYMENT OF LOANS SHALL BE DEPOSITED
IN THE FUND.
6. ADVISORY BOARD ESTABLISHED. THE TOWN BOARD WHICH HAS ESTABLISHED A
COMMUNITY HOUSING FUND PURSUANT TO THIS SECTION SHALL CREATE AN ADVISORY
BOARD TO REVIEW AND MAKE RECOMMENDATIONS REGARDING THE TOWN'S COMMUNITY
HOUSING PLAN REQUIRED BY SUBDIVISION SEVEN OF THIS SECTION. SUCH BOARD
SHALL CONSIST OF NOT LESS THAN SEVEN NOR MORE THAN FIFTEEN LEGAL RESI-
DENTS OF THE MUNICIPALITY WHO SHALL SERVE WITHOUT COMPENSATION. NO
MEMBER OF THE LOCAL LEGISLATIVE BODY SHALL SERVE ON THE BOARD. THE BOARD
SHALL INCLUDE A REPRESENTATIVE OF: (A) THE CONSTRUCTION INDUSTRY; (B)
THE REAL ESTATE INDUSTRY; (C) THE BANKING INDUSTRY; AND THREE REPRESEN-
TATIVES OF LOCAL HOUSING ADVOCACY OR HUMAN SERVICES ORGANIZATIONS. WHERE
A VILLAGE OR VILLAGES, LOCATED WITHIN THE TOWN, HAVE ELECTED TO PARTIC-
IPATE IN THE FUND, AS PROVIDED IN SUBDIVISION SEVEN OF THIS SECTION, THE
BOARD SHALL INCLUDE AT LEAST ONE RESIDENT OF A PARTICIPATING VILLAGE OR
VILLAGES. WHERE AN INDIAN NATION IS LOCATED WITHIN THE BOUNDARIES OF A
TOWN, THE BOARD SHALL INCLUDE AT LEAST ONE MEMBER FROM SUCH NATION. THE
BOARD SHALL ACT IN AN ADVISORY CAPACITY TO THE TOWN BOARD.
7. ADOPTION OF HOUSING PLAN. (A) BEFORE THE TOWN MAY EXPEND ANY FUNDS
PURSUANT TO THIS SECTION, THE TOWN BOARD SHALL FIRST ADOPT A TOWN HOUS-
ING PLAN WHICH ESTABLISHES AN IMPLEMENTATION PLAN FOR THE PROVISION OF
COMMUNITY HOUSING OPPORTUNITIES BY THE FUND. SAID PLAN SHALL BE ADOPTED
BY LOCAL LAW. SUCH PLAN SHALL ADHERE TO THE FOLLOWING SMART GROWTH PRIN-
CIPLES:
A. 7922--A 4
(1) PUBLIC INVESTMENT. TO ACCOUNT FOR AND MINIMIZE SOCIAL, ECONOMIC,
AND ENVIRONMENTAL COSTS OF NEW DEVELOPMENT, INCLUDING INFRASTRUCTURE
COSTS SUCH AS TRANSPORTATION, SEWERS, AND WASTEWATER TREATMENT, WATER,
SCHOOLS, RECREATION, AND LOSS OF OPEN SPACE AND AGRICULTURAL LAND;
(2) DEVELOPMENT. TO ENCOURAGE DEVELOPMENT IN AREAS WHERE TRANSPORTA-
TION, WATER, AND SEWAGE INFRASTRUCTURE ARE AVAILABLE OR PRACTICAL;
(3) CONSERVATION. TO PROTECT, PRESERVE, AND ENHANCE THE STATE'S
RESOURCES, INCLUDING AGRICULTURAL LAND, FORESTS, SURFACE WATERS, GROUND-
WATER, RECREATION AND OPEN SPACE, SCENIC AREAS, AND SIGNIFICANT HISTORIC
AND ARCHEOLOGICAL SITES;
(4) COORDINATION. TO PROMOTE COORDINATION OF STATE AND LOCAL GOVERN-
MENT DECISIONS AND COOPERATION AMONG COMMUNITIES TO WORK TOWARD THE MOST
EFFICIENT, PLANNED AND COST-EFFECTIVE DELIVERY OF GOVERNMENT SERVICES
BY, AMONG OTHER MEANS, FACILITATING COOPERATIVE AGREEMENTS AMONG ADJA-
CENT COMMUNITIES, AND TO COORDINATE PLANNING TO ENSURE COMPATIBILITY OF
ONE'S COMMUNITY DEVELOPMENT WITH DEVELOPMENT OF NEIGHBORING COMMUNITIES;
(5) COMMUNITY DESIGN. TO STRENGTHEN COMMUNITIES THROUGH DEVELOPMENT
AND REDEVELOPMENT STRATEGIES THAT INCLUDE INTEGRATION OF ALL INCOME AND
AGE GROUPS, MIXED LAND USES, AND COMPACT DEVELOPMENT, TRADITIONAL NEIGH-
BORHOOD DEVELOPMENT, PLANNED UNIT DEVELOPMENT, OPEN SPACE DISTRICTS,
DOWNTOWN REVITALIZATION, BROWNFIELD REDEVELOPMENT, ENHANCED BEAUTY IN
PUBLIC SPACES, AND DIVERSE AND COMMUNITY HOUSING IN CLOSE PROXIMITY TO
PLACES OF EMPLOYMENT, RECREATION, AND COMMERCIAL DEVELOPMENT;
(6) TRANSPORTATION. TO PROVIDE TRANSPORTATION CHOICES, INCLUDING
INCREASING PUBLIC TRANSIT AND ALTERNATIVE MODES OF TRANSPORTATION, IN
ORDER TO REDUCE AUTOMOBILE DEPENDENCY, TRAFFIC CONGESTION, AND AUTOMO-
BILE POLLUTION;
(7) CONSISTENCY. TO ENSURE PREDICTABILITY IN BUILDING AND LAND USE
CODES; AND
(8) COMMUNITY COLLABORATION. TO PROVIDE FOR AND ENCOURAGE LOCAL
GOVERNMENTS TO DEVELOP, THROUGH A COLLABORATIVE COMMUNITY-BASED EFFORT,
SMART GROWTH PLANS THAT INCLUDE LONG TERM LAND USE AND PERMIT PREDICT-
ABILITY AND COORDINATION, EFFICIENT DECISION MAKING AND PLANNING IMPLE-
MENTATION.
(B) SUCH PLAN MAY INCLUDE THE ESTABLISHMENT OF A MAP OR MAPS THAT
DELINEATE THE HOUSING IMPLEMENTATION RECOMMENDATIONS PROPOSED BY THE
TOWN.
(C) SUCH PLAN SHALL BE UPDATED AT LEAST ONCE EVERY FIVE YEARS.
(D) THE TOWN HOUSING PLAN SHALL BE AN ELEMENT OF THE TOWN'S COMPREHEN-
SIVE PLAN.
(E) SUCH PLAN SHALL ENSURE THAT ALL COMMUNITY HOUSING CREATED PURSUANT
TO THIS SECTION REMAINS AFFORDABLE. SUBSEQUENT PURCHASERS OF SUCH COMMU-
NITY HOUSING SHALL HAVE AT THE TIME OF PURCHASE, PURSUANT TO THE DEFI-
NITION "ELIGIBLE INDIVIDUAL", AN INCOME THAT DOES NOT EXCEED ONE HUNDRED
PERCENT OF THE INCOME LIMITS AS ESTABLISHED BY THE STATE OF NEW YORK
MORTGAGE AGENCY LOW INTEREST RATE LOAN PROGRAM IN NON-TARGET CATEGORIES
FOR ULSTER COUNTY.
(F) SUCH PLAN SHALL PROVIDE FOR THE EQUITABLE DISTRIBUTION OF COMMUNI-
TY HOUSING OPPORTUNITIES AMONG ALL THE COMMUNITIES OF THE TOWN. THE PLAN
SHALL ENSURE THAT NO COMMUNITY HAS AN UNDUE CONCENTRATION OF COMMUNITY
HOUSING OPPORTUNITIES THAT WOULD SUBSTANTIALLY ALTER THE CHARACTER OF
THE COMMUNITY. IN DETERMINING EQUITABLE DISTRIBUTION OF COMMUNITY HOUS-
ING OPPORTUNITIES, EXISTING COMMUNITY HOUSING OPPORTUNITIES IN A COMMU-
NITY SHALL BE CONSIDERED.
8. VILLAGE PARTICIPATION. (A) THE PARTICIPATION OF ANY VILLAGE IN THE
PRODUCTION OF COMMUNITY HOUSING AUTHORIZED BY THIS SECTION SHALL BE AT
A. 7922--A 5
THE OPTION OF THE VILLAGE. IN ORDER TO PARTICIPATE, A VILLAGE SHALL PASS
A RESOLUTION OPTING INTO THE PROGRAM AND SHALL SUBMIT SAID RESOLUTION TO
THE TOWN BOARD.
(B) WHERE A VILLAGE OPTS TO PARTICIPATE PURSUANT TO THIS SUBDIVISION,
AN INTERGOVERNMENTAL AGREEMENT SHALL BE EXECUTED PURSUANT TO ARTICLE
FIVE-G OF THE GENERAL MUNICIPAL LAW OR OTHER APPLICABLE LEGAL AUTHORITY,
IN ORDER TO ESTABLISH THE RIGHTS AND RESPONSIBILITIES OF EACH GOVERNMENT
REGARDING COMMUNITY HOUSING OPPORTUNITIES.
(C) REGARDLESS OF WHETHER A VILLAGE PARTICIPATES IN THE PROGRAM
AUTHORIZED BY THIS SECTION, PROPERTIES IN THE VILLAGE SHALL BE SUBJECT
TO THE SUPPLEMENTAL REAL ESTATE TRANSFER TAX AUTHORIZED BY SUBDIVISION
TWO OF SECTION FOURTEEN HUNDRED FIFTY-ONE-B OF THE TAX LAW.
§ 3. The tax law is amended by adding a new article 31-K to read as
follows:
ARTICLE 31-K
TAX ON REAL ESTATE TRANSFERS
IN THE TOWN OF ROCHESTER
SECTION 1451-A. DEFINITIONS.
1451-B. IMPOSITION OF TAX.
1451-C. PAYMENT OF TAX.
1451-D. LIABILITY FOR TAX.
1451-E. EXEMPTIONS.
1451-F. CREDIT.
1451-G. COOPERATIVE HOUSING CORPORATION TRANSFERS.
1451-H. DESIGNATION OF AGENTS.
1451-I. LIABILITY OF RECORDING OFFICER.
1451-J. REFUNDS.
1451-K. DEPOSIT AND DISPOSITION OF REVENUE.
1451-L. JUDICIAL REVIEW.
1451-M. APPORTIONMENT.
1451-N. MISCELLANEOUS.
1451-O. RETURNS TO BE SECRET.
1451-P. FORECLOSURE PROCEEDINGS.
§ 1451-A. DEFINITIONS. WHEN USED IN THIS ARTICLE, UNLESS OTHERWISE
EXPRESSLY STATED, THE FOLLOWING WORDS AND TERMS SHALL HAVE THE FOLLOWING
MEANINGS:
1. "PERSON" MEANS AN INDIVIDUAL, PARTNERSHIP, LIMITED LIABILITY COMPA-
NY, SOCIETY, ASSOCIATION, JOINT STOCK COMPANY, CORPORATION, ESTATE,
RECEIVER, TRUSTEE, ASSIGNEE, REFEREE OR ANY OTHER PERSON ACTING IN A
FIDUCIARY OR REPRESENTATIVE CAPACITY, WHETHER APPOINTED BY A COURT OR
OTHERWISE, ANY COMBINATION OF INDIVIDUALS, AND ANY OTHER FORM OF UNIN-
CORPORATED ENTERPRISE OWNED OR CONDUCTED BY TWO OR MORE PERSONS.
2. "CONTROLLING INTEREST" MEANS (A) IN THE CASE OF A CORPORATION,
EITHER FIFTY PERCENT OR MORE OF THE TOTAL COMBINED VOTING POWER OF ALL
CLASSES OF STOCK OF SUCH CORPORATION, OR FIFTY PERCENT OR MORE OF THE
CAPITAL, PROFITS OR BENEFICIAL INTEREST IN SUCH VOTING STOCK OF SUCH
CORPORATION, AND (B) IN THE CASE OF A PARTNERSHIP, ASSOCIATION, TRUST OR
OTHER ENTITY, FIFTY PERCENT OR MORE OF THE CAPITAL, PROFITS OR BENEFI-
CIAL INTEREST IN SUCH PARTNERSHIP, ASSOCIATION, TRUST OR OTHER ENTITY.
3. "REAL PROPERTY" MEANS EVERY ESTATE OR RIGHT, LEGAL OR EQUITABLE,
PRESENT OR FUTURE, VESTED OR CONTINGENT, IN LANDS, TENEMENTS OR HEREDI-
TAMENTS, INCLUDING BUILDINGS, STRUCTURES AND OTHER IMPROVEMENTS THEREON,
WHICH ARE LOCATED IN WHOLE OR IN PART WITHIN THE TOWN OF FISHKILL. IT
SHALL NOT INCLUDE RIGHTS TO SEPULTURE.
4. "CONSIDERATION" MEANS THE PRICE ACTUALLY PAID OR REQUIRED TO BE
PAID FOR THE REAL PROPERTY OR INTEREST THEREIN, INCLUDING PAYMENT FOR AN
A. 7922--A 6
OPTION OR CONTRACT TO PURCHASE REAL PROPERTY, WHETHER OR NOT EXPRESSED
IN THE DEED AND WHETHER PAID OR REQUIRED TO BE PAID BY MONEY, PROPERTY,
OR ANY OTHER THING OF VALUE. IT SHALL INCLUDE THE CANCELLATION OR
DISCHARGE OF AN INDEBTEDNESS OR OBLIGATION. IT SHALL ALSO INCLUDE THE
AMOUNT OF ANY MORTGAGE, PURCHASE MONEY MORTGAGE, LIEN OR OTHER ENCUM-
BRANCE, WHETHER OR NOT THE UNDERLYING INDEBTEDNESS IS ASSUMED OR TAKEN
SUBJECT TO.
(A) IN THE CASE OF A CREATION OF A LEASEHOLD INTEREST OR THE GRANTING
OF AN OPTION WITH USE AND OCCUPANCY OF REAL PROPERTY, CONSIDERATION
SHALL INCLUDE, BUT NOT BE LIMITED TO, THE VALUE OF THE RENTAL AND OTHER
PAYMENTS ATTRIBUTABLE TO THE USE AND OCCUPANCY OF THE REAL PROPERTY OR
INTEREST THEREIN, THE VALUE OF ANY AMOUNT PAID FOR AN OPTION TO PURCHASE
OR RENEW AND THE VALUE OF RENTAL OR OTHER PAYMENTS ATTRIBUTABLE TO THE
EXERCISE OF ANY OPTION TO RENEW.
(B) IN THE CASE OF A CREATION OF A SUBLEASEHOLD INTEREST, CONSIDER-
ATION SHALL INCLUDE, BUT NOT BE LIMITED TO, THE VALUE OF THE SUBLEASE
RENTAL PAYMENTS ATTRIBUTABLE TO THE USE AND OCCUPANCY OF THE REAL PROP-
ERTY, THE VALUE OF ANY AMOUNT PAID FOR AN OPTION TO RENEW AND THE VALUE
OF RENTAL OR OTHER PAYMENTS ATTRIBUTABLE TO THE EXERCISE OF ANY OPTION
TO RENEW LESS THE VALUE OF THE REMAINING PRIME LEASE RENTAL PAYMENTS
REQUIRED TO BE MADE.
(C) IN THE CASE OF A CONTROLLING INTEREST IN ANY ENTITY THAT OWNS REAL
PROPERTY, CONSIDERATION SHALL MEAN THE FAIR MARKET VALUE OF THE REAL
PROPERTY OR INTEREST THEREIN, APPORTIONED BASED ON THE PERCENTAGE OF THE
OWNERSHIP INTEREST TRANSFERRED OR ACQUIRED IN THE ENTITY.
(D) IN THE CASE OF AN ASSIGNMENT OR SURRENDER OF A LEASEHOLD INTEREST
OR THE ASSIGNMENT OR SURRENDER OF AN OPTION OR CONTRACT TO PURCHASE REAL
PROPERTY, CONSIDERATION SHALL NOT INCLUDE THE VALUE OF THE REMAINING
RENTAL PAYMENTS REQUIRED TO BE MADE PURSUANT TO THE TERMS OF SUCH LEASE
OR THE AMOUNT TO BE PAID FOR THE REAL PROPERTY PURSUANT TO THE TERMS OF
THE OPTION OR CONTRACT BEING ASSIGNED OR SURRENDERED.
(E) IN THE CASE OF (1) THE ORIGINAL CONVEYANCE OF SHARES OF STOCK IN A
COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR TRANSFER
OF A PROPRIETARY LEASEHOLD BY THE COOPERATIVE CORPORATION OR COOPERATIVE
PLAN SPONSOR, AND (2) THE SUBSEQUENT CONVEYANCE BY THE OWNER THEREOF OF
SUCH STOCK IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE
GRANT OR TRANSFER OF A PROPRIETARY LEASEHOLD FOR A COOPERATIVE UNIT
OTHER THAN AN INDIVIDUAL RESIDENTIAL UNIT, CONSIDERATION SHALL INCLUDE A
PROPORTIONATE SHARE OF THE UNPAID PRINCIPAL OF ANY MORTGAGE ON THE REAL
PROPERTY OF THE COOPERATIVE HOUSING CORPORATION COMPRISING THE COOPER-
ATIVE DWELLING OR DWELLINGS. SUCH SHARE SHALL BE DETERMINED BY MULTIPLY-
ING THE TOTAL UNPAID PRINCIPAL OF THE MORTGAGE BY A FRACTION, THE NUMER-
ATOR OF WHICH SHALL BE THE NUMBER OF SHARES OF STOCK BEING CONVEYED IN
THE COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR
TRANSFER OF A PROPRIETARY LEASEHOLD AND THE DENOMINATOR OF WHICH SHALL
BE THE TOTAL NUMBER OF SHARES OF STOCK IN THE COOPERATIVE HOUSING CORPO-
RATION.
5. "CONVEYANCE" MEANS THE TRANSFER OR TRANSFERS OF ANY INTEREST IN
REAL PROPERTY BY ANY METHOD, INCLUDING BUT NOT LIMITED TO, SALE,
EXCHANGE, ASSIGNMENT, SURRENDER, MORTGAGE FORECLOSURE, TRANSFER IN LIEU
OF FORECLOSURE, OPTION, TRUST INDENTURE, TAKING BY EMINENT DOMAIN,
CONVEYANCE UPON LIQUIDATION OR BY A RECEIVER, OR TRANSFER OR ACQUISITION
OF A CONTROLLING INTEREST IN ANY ENTITY WITH AN INTEREST IN REAL PROPER-
TY. TRANSFER OF AN INTEREST IN REAL PROPERTY SHALL INCLUDE THE CREATION
OF A LEASEHOLD OR SUBLEASE ONLY WHERE (A) THE SUM OF THE TERM OF THE
LEASE OR SUBLEASE AND ANY OPTIONS FOR RENEWAL EXCEEDS FORTY-NINE YEARS,
A. 7922--A 7
(B) SUBSTANTIAL CAPITAL IMPROVEMENTS ARE OR MAY BE MADE BY OR FOR THE
BENEFIT OF THE LESSEE OR SUBLESSEE, AND (C) THE LEASE OR SUBLEASE IS FOR
SUBSTANTIALLY ALL OF THE PREMISES CONSTITUTING THE REAL PROPERTY.
NOTWITHSTANDING THE FOREGOING, CONVEYANCE OF REAL PROPERTY SHALL NOT
INCLUDE A CONVEYANCE MADE PURSUANT TO DEVISE, BEQUEST OR INHERITANCE;
THE CREATION, MODIFICATION, EXTENSION, SPREADING, SEVERANCE, CONSOL-
IDATION, ASSIGNMENT, TRANSFER, RELEASE OR SATISFACTION OF A MORTGAGE; A
MORTGAGE SUBORDINATION AGREEMENT, A MORTGAGE SEVERANCE AGREEMENT, AN
INSTRUMENT GIVEN TO PERFECT OR CORRECT A RECORDED MORTGAGE; OR A RELEASE
OF LIEN OF TAX PURSUANT TO THIS CHAPTER OR THE INTERNAL REVENUE CODE.
6. "INTEREST IN THE REAL PROPERTY" INCLUDES TITLE IN FEE, A LEASEHOLD
INTEREST, A BENEFICIAL INTEREST, AN ENCUMBRANCE, DEVELOPMENT RIGHTS, AIR
SPACE AND AIR RIGHTS, OR ANY OTHER INTEREST WITH THE RIGHT TO USE OR
OCCUPANCY OF REAL PROPERTY OR THE RIGHT TO RECEIVE RENTS, PROFITS OR
OTHER INCOME DERIVED FROM REAL PROPERTY. IT SHALL ALSO INCLUDE AN OPTION
OR CONTRACT TO PURCHASE REAL PROPERTY. IT SHALL NOT INCLUDE A RIGHT OF
FIRST REFUSAL TO PURCHASE REAL PROPERTY.
7. "GRANTOR" MEANS THE PERSON MAKING THE CONVEYANCE OF REAL PROPERTY
OR INTEREST THEREIN. WHERE THE CONVEYANCE CONSISTS OF A TRANSFER OR AN
ACQUISITION OF A CONTROLLING INTEREST IN AN ENTITY WITH AN INTEREST IN
REAL PROPERTY, "GRANTOR" MEANS THE ENTITY WITH AN INTEREST IN REAL PROP-
ERTY OR A SHAREHOLDER OR PARTNER TRANSFERRING STOCK OR PARTNERSHIP
INTEREST, RESPECTIVELY.
8. "GRANTEE" MEANS THE PERSON WHO OBTAINS REAL PROPERTY OR INTEREST
THEREIN AS A RESULT OF A CONVEYANCE.
9. "FUND" MEANS A COMMUNITY PRESERVATION FUND CREATED PURSUANT TO
SECTION SIXTY-FOUR-M OF THE TOWN LAW.
10. "RECORDING OFFICER" MEANS THE COUNTY CLERK OF THE COUNTY OF
ULSTER.
11. "TOWN" MEANS THE TOWN OF ROCHESTER, COUNTY OF ULSTER.
12. "TREASURER" MEANS THE TREASURER OF THE COUNTY OF ULSTER.
13. "TOWN SUPERVISOR" MEANS THE TOWN SUPERVISOR OF THE TOWN OF ROCHES-
TER.
14. "TAX" SHALL MEAN THE REAL ESTATE TRANSFER TAX IMPOSED PURSUANT TO
SECTION FOURTEEN HUNDRED FIFTY-ONE-B OF THIS ARTICLE OR, IF THE CONTEXT
CLEARLY INDICATES, SHALL MEAN THE REAL ESTATE TRANSFER TAX IMPOSED
PURSUANT TO ARTICLE THIRTY-ONE OF THIS CHAPTER.
15. "RESIDENTIAL REAL PROPERTY" MEANS PROPERTY WHICH SATISFIES AT
LEAST ONE OF THE FOLLOWING CONDITIONS:
(A) THE PROPERTY CLASSIFICATION CODE ASSIGNED TO THE PROPERTY ON THE
LATEST FINAL ASSESSMENT ROLL, AS REPORTED ON THE TRANSFER REPORT FORM,
INDICATES THAT THE PROPERTY IS A ONE, TWO OR THREE FAMILY HOME OR A
RURAL RESIDENCE; OR
(B) THE TRANSFER REPORT INDICATES THAT THE PROPERTY IS A ONE, TWO OR
THREE FAMILY RESIDENTIAL PROPERTY THAT HAS BEEN NEWLY CONSTRUCTED ON
VACANT LAND; OR
(C) THE TRANSFER REPORT FORM INDICATES THAT THE PROPERTY IS A RESIDEN-
TIAL CONDOMINIUM.
§ 1451-B. IMPOSITION OF TAX. NOTWITHSTANDING ANY OTHER PROVISIONS OF
LAW TO THE CONTRARY, IN ADDITION TO THE TAX AUTHORIZED BY SUBDIVISION
ONE OF THIS SECTION, THE TOWN, 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
PERCENT OF THE CONSIDERATION FOR SUCH CONVEYANCE. PROVIDED, HOWEVER, ANY
SUCH LOCAL LAW IMPOSING, REPEALING OR RE-IMPOSING SUCH SUPPLEMENTAL TAX
A. 7922--A 8
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-M 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 SUBDIVI-
SION SHALL BE ADMINISTERED AND COLLECTED IN A LIKE MANNER AS THE TAX
IMPOSED BY SUBDIVISION ONE OF THIS SECTION.
§ 1451-C. PAYMENT OF TAX. 1. THE REAL ESTATE TRANSFER TAX IMPOSED
PURSUANT TO THIS ARTICLE SHALL BE PAID TO THE TREASURER OR THE RECORDING
OFFICER ACTING AS THE AGENT OF THE TREASURER UPON DESIGNATION AS SUCH
AGENT BY THE TREASURER. SUCH TAX SHALL BE PAID AT THE SAME TIME AS THE
REAL ESTATE TRANSFER TAX IMPOSED BY ARTICLE THIRTY-ONE OF THIS CHAPTER
IS REQUIRED TO BE PAID. SUCH TREASURER OR RECORDING OFFICER SHALL
ENDORSE UPON EACH DEED OR INSTRUMENT EFFECTING A CONVEYANCE A RECEIPT
FOR THE AMOUNT OF THE TAX SO PAID.
2. A RETURN SHALL BE REQUIRED TO BE FILED WITH SUCH TREASURER OR
RECORDING OFFICER FOR PURPOSES OF THE REAL ESTATE TRANSFER TAX IMPOSED
PURSUANT TO THIS ARTICLE AT THE SAME TIME AS A RETURN IS REQUIRED TO BE
FILED FOR PURPOSES OF THE REAL ESTATE TRANSFER TAX IMPOSED BY ARTICLE
THIRTY-ONE OF THIS CHAPTER. THE TREASURER SHALL PRESCRIBE THE FORM OF
RETURN, THE INFORMATION WHICH IT SHALL CONTAIN, AND THE DOCUMENTATION
THAT SHALL ACCOMPANY THE RETURN. SAID FORM SHALL BE IDENTICAL TO THE
REAL ESTATE TRANSFER TAX RETURN REQUIRED TO BE FILED PURSUANT TO SECTION
FOURTEEN HUNDRED NINE OF THIS CHAPTER, EXCEPT THAT THE TREASURER SHALL
ADAPT SAID FORM TO REFLECT THE PROVISIONS IN THIS CHAPTER THAT ARE
INCONSISTENT, DIFFERENT, OR IN ADDITION TO THE PROVISIONS OF ARTICLE
THIRTY-ONE OF THIS CHAPTER. THE REAL ESTATE TRANSFER TAX RETURNS
REQUIRED TO BE FILED PURSUANT TO THIS SECTION SHALL BE PRESERVED FOR
THREE YEARS AND THEREAFTER UNTIL SUCH TREASURER OR RECORDING OFFICER
ORDERS THEM TO BE DESTROYED.
3. THE RECORDING OFFICER SHALL NOT RECORD AN INSTRUMENT EFFECTING A
CONVEYANCE UNLESS THE RETURN REQUIRED BY THIS SECTION HAS BEEN FILED AND
THE TAX IMPOSED PURSUANT TO THIS ARTICLE SHALL HAVE BEEN PAID AS
REQUIRED IN THIS SECTION.
§ 1451-D. LIABILITY FOR TAX. 1. THE REAL ESTATE TRANSFER TAX SHALL BE
PAID BY THE GRANTEE. IF THE GRANTEE HAS FAILED TO PAY THE TAX IMPOSED
PURSUANT TO THIS ARTICLE OR IF THE GRANTEE IS EXEMPT FROM SUCH TAX, THE
GRANTOR SHALL HAVE THE DUTY TO PAY THE TAX. WHERE THE GRANTOR HAS THE
DUTY TO PAY THE TAX BECAUSE THE GRANTEE HAS FAILED TO PAY THE TAX, SUCH
TAX SHALL BE THE JOINT AND SEVERAL LIABILITY OF THE GRANTEE AND THE
GRANTOR.
2. FOR THE PURPOSE OF THE PROPER ADMINISTRATION OF THIS ARTICLE AND TO
PREVENT EVASION OF THE TAX HEREBY IMPOSED, IT SHALL BE PRESUMED THAT ALL
CONVEYANCES ARE SUBJECT TO THE TAX. WHERE THE CONSIDERATION INCLUDES
PROPERTY OTHER THAN MONEY, IT SHALL BE PRESUMED THAT THE CONSIDERATION
IS THE FAIR MARKET VALUE OF THE REAL PROPERTY OR INTEREST THEREIN. THESE
PRESUMPTIONS SHALL PREVAIL UNTIL THE CONTRARY IS PROVEN, AND THE BURDEN
A. 7922--A 9
OF PROVING THE CONTRARY SHALL BE ON THE PERSON LIABLE FOR PAYMENT OF THE
TAX.
§ 1451-E. 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 OBLI-
GATION;
(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 OWNER-
SHIP, 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 DEVELOP-
MENT RESTRICTIONS:
(1) AGRICULTURAL, CONSERVATION, SCENIC, OR AN OPEN SPACE EASEMENT;
(2) COVENANTS OR RESTRICTIONS PROHIBITING DEVELOPMENT WHERE THE PROP-
ERTY 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 PERMA-
NENTLY 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 AGRI-
CULTURAL 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
A. 7922--A 10
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 OPER-
ATED 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.
§ 1451-F. CREDIT. A GRANTEE SHALL BE ALLOWED A CREDIT AGAINST THE TAX
DUE ON A CONVEYANCE OF REAL PROPERTY TO THE EXTENT TAX WAS PAID BY SUCH
GRANTEE ON A PRIOR CREATION OF A LEASEHOLD OF ALL OR A PORTION OF THE
SAME REAL PROPERTY OR ON THE GRANTING OF AN OPTION OR CONTRACT TO
PURCHASE ALL OR A PORTION OF THE SAME REAL PROPERTY BY SUCH GRANTEE.
SUCH CREDIT SHALL BE COMPUTED BY MULTIPLYING THE TAX PAID ON THE
CREATION OF THE LEASEHOLD OR ON THE GRANTING OF THE OPTION OR CONTRACT
BY A FRACTION, THE NUMERATOR OF WHICH IS THE VALUE OF THE CONSIDERATION
USED TO COMPUTE SUCH TAX PAID WHICH IS NOT YET DUE TO SUCH GRANTOR ON
THE DATE OF THE SUBSEQUENT CONVEYANCE (AND WHICH SUCH GRANTOR WILL NOT
BE ENTITLED TO RECEIVE AFTER SUCH DATE), AND THE DENOMINATOR OF WHICH IS
THE TOTAL VALUE OF THE CONSIDERATION USED TO COMPUTE SUCH TAX PAID.
§ 1451-G. COOPERATIVE HOUSING CORPORATION TRANSFERS. 1. NOTWITHSTAND-
ING THE DEFINITION OF "CONTROLLING INTEREST" CONTAINED IN SUBDIVISION
TWO OF SECTION FOURTEEN HUNDRED FIFTY-ONE-A OF THIS ARTICLE OR ANYTHING
TO THE CONTRARY CONTAINED IN SUBDIVISION FIVE OF SECTION FOURTEEN
HUNDRED FIFTY-ONE-A OF THIS ARTICLE, THE TAX IMPOSED PURSUANT TO THIS
ARTICLE SHALL APPLY TO (A) THE ORIGINAL CONVEYANCE OF SHARES OF STOCK IN
A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR TRANS-
FER OF A PROPRIETARY LEASEHOLD BY THE COOPERATIVE CORPORATION OR COOPER-
ATIVE PLAN SPONSOR, AND (B) THE SUBSEQUENT CONVEYANCE OF SUCH STOCK IN A
COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR TRANSFER
OF A PROPRIETARY LEASEHOLD BY THE OWNER THEREOF. WITH RESPECT TO ANY
SUCH SUBSEQUENT CONVEYANCE WHERE THE PROPERTY IS AN INDIVIDUAL RESIDEN-
TIAL UNIT, THE CONSIDERATION FOR THE INTEREST CONVEYED SHALL EXCLUDE THE
VALUE OF ANY LIENS ON CERTIFICATES OF STOCK OR OTHER EVIDENCES OF AN
OWNERSHIP INTEREST IN AND A PROPRIETARY LEASE FROM A CORPORATION OR
PARTNERSHIP FORMED FOR THE PURPOSE OF COOPERATIVE OWNERSHIP OF RESIDEN-
TIAL INTEREST IN REAL ESTATE REMAINING THEREON AT THE TIME OF CONVEY-
ANCE. IN DETERMINING THE TAX ON A CONVEYANCE DESCRIBED IN PARAGRAPH (A)
OF THIS SUBDIVISION, A CREDIT SHALL BE ALLOWED FOR A PROPORTIONATE PART
OF THE AMOUNT OF ANY TAX PAID UPON THE CONVEYANCE TO THE COOPERATIVE
HOUSING CORPORATION OF THE REAL PROPERTY COMPRISING THE COOPERATIVE
DWELLING OR DWELLINGS TO THE EXTENT THAT SUCH CONVEYANCE EFFECTUATED A
MERE CHANGE OF IDENTITY OR FORM OF OWNERSHIP OF SUCH PROPERTY AND NOT A
CHANGE IN THE BENEFICIAL OWNERSHIP OF SUCH PROPERTY. THE AMOUNT OF THE
CREDIT SHALL BE DETERMINED BY MULTIPLYING THE AMOUNT OF TAX PAID UPON
THE CONVEYANCE TO THE COOPERATIVE HOUSING CORPORATION BY A PERCENTAGE
REPRESENTING THE EXTENT TO WHICH SUCH CONVEYANCE EFFECTUATED A MERE
CHANGE OF IDENTITY OR FORM OF OWNERSHIP AND NOT A CHANGE IN THE BENEFI-
CIAL OWNERSHIP OF SUCH PROPERTY, AND THEN MULTIPLYING THE RESULTING
PRODUCT BY A FRACTION, THE NUMERATOR OF WHICH SHALL BE THE NUMBER OF
SHARES OF STOCK CONVEYED IN A TRANSACTION DESCRIBED IN PARAGRAPH (A) OF
A. 7922--A 11
THIS SUBDIVISION, AND THE DENOMINATOR OF WHICH SHALL BE THE TOTAL NUMBER
OF SHARES OF STOCK OF THE COOPERATIVE HOUSING CORPORATION (INCLUDING ANY
STOCK HELD BY THE CORPORATION). IN NO EVENT, HOWEVER, SHALL SUCH CREDIT
REDUCE THE TAX, ON A CONVEYANCE DESCRIBED IN PARAGRAPH (A) OF THIS
SUBDIVISION, BELOW ZERO, NOR SHALL ANY SUCH CREDIT BE ALLOWED FOR A TAX
PAID MORE THAN TWENTY-FOUR MONTHS PRIOR TO THE DATE ON WHICH OCCURS THE
FIRST IN A SERIES OF CONVEYANCES OF SHARES OF STOCK IN AN OFFERING OF
COOPERATIVE HOUSING CORPORATION SHARES DESCRIBED IN PARAGRAPH (A) OF
THIS SUBDIVISION.
2. EVERY COOPERATIVE HOUSING CORPORATION SHALL BE REQUIRED TO FILE AN
INFORMATION RETURN WITH THE TREASURER BY JULY FIFTEENTH OF EACH YEAR
COVERING THE PRECEDING PERIOD OF JANUARY FIRST THROUGH JUNE THIRTIETH
AND BY JANUARY FIFTEENTH OF EACH YEAR COVERING THE PRECEDING PERIOD OF
JULY FIRST THROUGH DECEMBER THIRTY-FIRST. THE RETURN SHALL CONTAIN SUCH
INFORMATION REGARDING THE CONVEYANCE OF SHARES OF STOCK IN THE COOPER-
ATIVE HOUSING CORPORATION AS THE TREASURER MAY DEEM NECESSARY, INCLUD-
ING, BUT NOT LIMITED TO, THE NAMES, ADDRESSES AND EMPLOYEE IDENTIFICA-
TION NUMBERS OR SOCIAL SECURITY NUMBERS OF THE GRANTOR AND THE GRANTEE,
THE NUMBER OF SHARES CONVEYED, THE DATE OF THE CONVEYANCE AND THE
CONSIDERATION PAID FOR SUCH CONVEYANCE.
§ 1451-H. DESIGNATION OF AGENTS. THE TREASURER IS AUTHORIZED TO DESIG-
NATE THE RECORDING OFFICER TO ACT AS SUCH TREASURER'S AGENT FOR PURPOSES
OF COLLECTING THE TAX AUTHORIZED BY THIS ARTICLE. THE TREASURER SHALL
PROVIDE FOR THE MANNER IN WHICH SUCH PERSON MAY BE DESIGNATED AS SUCH
TREASURER'S AGENT SUBJECT TO SUCH TERMS AND CONDITIONS AS THE TREASURER
SHALL PRESCRIBE. THE REAL ESTATE TRANSFER TAX SHALL BE PAID TO SUCH
AGENT AS PROVIDED IN SECTION FOURTEEN HUNDRED FIFTY-ONE-C OF THIS ARTI-
CLE.
§ 1451-I. LIABILITY OF RECORDING OFFICER. A RECORDING OFFICER SHALL
NOT BE LIABLE FOR ANY INACCURACY IN THE AMOUNT OF TAX IMPOSED PURSUANT
TO THIS ARTICLE THAT SUCH OFFICER SHALL COLLECT SO LONG AS SUCH OFFICER
SHALL COMPUTE AND COLLECT SUCH TAX ON THE AMOUNT OF CONSIDERATION OR THE
VALUE OF THE INTEREST CONVEYED AS SUCH AMOUNTS ARE PROVIDED TO SUCH
OFFICER BY THE PERSON PAYING THE TAX.
§ 1451-J. REFUNDS. WHENEVER THE TREASURER SHALL DETERMINE THAT ANY
MONEYS RECEIVED UNDER THE PROVISIONS OF THE LOCAL LAW ENACTED PURSUANT
TO THIS ARTICLE WERE PAID IN ERROR, SUCH TREASURER MAY CAUSE SUCH MONEYS
TO BE REFUNDED PURSUANT TO SUCH REQUIREMENTS AS SUCH TREASURER MAY
PRESCRIBE, PROVIDED THAT ANY APPLICATION FOR SUCH REFUND IS FILED WITH
THE TREASURER WITHIN TWO YEARS FROM THE DATE THE ERRONEOUS PAYMENT WAS
MADE.
§ 1451-K. DEPOSIT AND DISPOSITION OF REVENUE. 1. ALL TAXES, PENALTIES
AND INTEREST IMPOSED BY THE TOWN UNDER THE AUTHORITY OF SECTION FOURTEEN
HUNDRED FIFTY-ONE-B OF THIS ARTICLE, WHICH ARE COLLECTED BY THE TREASUR-
ER OR SUCH TREASURER'S AGENTS, SHALL BE DEPOSITED IN A SINGLE TRUST FUND
FOR THE TOWN AND SHALL BE KEPT IN TRUST AND SEPARATE AND APART FROM ALL
OTHER MONIES IN POSSESSION OF THE TREASURER. MONEYS IN SUCH FUND SHALL
BE DEPOSITED AND SECURED IN THE MANNER PROVIDED BY SECTION TEN OF THE
GENERAL MUNICIPAL LAW. PENDING EXPENDITURE FROM SUCH FUND, MONEYS THERE-
IN MAY BE INVESTED IN THE MANNER PROVIDED IN SECTION ELEVEN OF THE
GENERAL MUNICIPAL LAW. ANY INTEREST EARNED OR CAPITAL GAIN REALIZED ON
THE MONEYS SO DEPOSITED OR INVESTED SHALL ACCRUE TO AND BECOME PART OF
SUCH FUND.
2. THE TREASURER SHALL RETAIN SUCH AMOUNT AS SUCH TREASURER MAY DETER-
MINE TO BE NECESSARY FOR REFUNDS WITH RESPECT TO THE TAX IMPOSED BY THE
TOWN, UNDER THE AUTHORITY OF SECTION FOURTEEN HUNDRED FIFTY-ONE-B OF
A. 7922--A 12
THIS ARTICLE, OUT OF WHICH THE TREASURER SHALL PAY ANY REFUNDS OF SUCH
TAXES TO THOSE TAXPAYERS ENTITLED TO A REFUND PURSUANT TO THE PROVISIONS
OF THIS ARTICLE.
3. THE TREASURER, AFTER RESERVING SUCH REFUNDS, SHALL ON OR BEFORE THE
TWELFTH DAY OF EACH MONTH PAY TO THE TOWN SUPERVISOR THE TAXES, PENAL-
TIES AND INTEREST IMPOSED BY THE TOWN UNDER THE AUTHORITY OF SECTION
FOURTEEN HUNDRED FIFTY-ONE-B OF THIS ARTICLE, COLLECTED BY THE TREASUR-
ER, PURSUANT TO THIS ARTICLE DURING THE NEXT PRECEDING CALENDAR MONTH.
THE AMOUNT SO PAYABLE SHALL BE CERTIFIED TO THE TOWN SUPERVISOR BY THE
TREASURER, WHO SHALL NOT BE HELD LIABLE FOR ANY INACCURACY IN SUCH
CERTIFICATION. PROVIDED, HOWEVER, ANY SUCH CERTIFICATION MAY BE BASED ON
SUCH INFORMATION AS MAY BE AVAILABLE TO THE TREASURER AT THE TIME SUCH
CERTIFICATION MUST BE MADE UNDER THIS SECTION. WHERE THE AMOUNT SO PAID
OVER TO THE TOWN IN ANY SUCH DISTRIBUTION IS MORE OR LESS THAN THE
AMOUNT DUE TO THE TOWN, THE AMOUNT OF THE OVERPAYMENT OR UNDERPAYMENT
SHALL BE CERTIFIED TO THE TOWN SUPERVISOR BY THE TREASURER, WHO SHALL
NOT BE HELD LIABLE FOR ANY INACCURACY IN SUCH CERTIFICATION. THE AMOUNT
OF THE OVERPAYMENT OR UNDERPAYMENT SHALL BE SO CERTIFIED TO THE TOWN
SUPERVISOR AS SOON AFTER THE DISCOVERY OF THE OVERPAYMENT OR UNDERPAY-
MENT AS REASONABLY POSSIBLE AND SUBSEQUENT PAYMENTS AND DISTRIBUTIONS BY
THE TREASURER TO THE TOWN SHALL BE ADJUSTED BY SUBTRACTING THE AMOUNT OF
ANY SUCH OVERPAYMENT FROM OR BY ADDING THE AMOUNT OF ANY SUCH UNDERPAY-
MENT TO SUCH NUMBER OF SUBSEQUENT PAYMENTS AND DISTRIBUTIONS AS THE
TREASURER AND TOWN SUPERVISOR SHALL CONSIDER REASONABLE IN VIEW OF THE
OVERPAYMENT OR UNDERPAYMENT AND ALL OTHER FACTS AND CIRCUMSTANCES.
4. ALL MONIES RECEIVED FROM THE TREASURER SHALL BE DEPOSITED IN THE
FUND OF THE TOWN, PURSUANT TO SECTION SIXTY-FOUR-M OF THE TOWN LAW.
§ 1451-L. JUDICIAL REVIEW. 1. ANY FINAL DETERMINATION OF THE AMOUNT OF
ANY TAX PAYABLE UNDER SECTION FOURTEEN HUNDRED FIFTY-ONE-C OF THIS ARTI-
CLE SHALL BE REVIEWABLE FOR ERROR, ILLEGALITY OR UNCONSTITUTIONALITY OR
ANY OTHER REASON WHATSOEVER BY A PROCEEDING UNDER ARTICLE SEVENTY-EIGHT
OF THE CIVIL PRACTICE LAW AND RULES IF APPLICATION THEREFOR IS MADE TO
THE SUPREME COURT WITHIN FOUR MONTHS AFTER THE GIVING OF THE NOTICE OF
SUCH FINAL DETERMINATION, PROVIDED, HOWEVER, THAT ANY SUCH PROCEEDING
UNDER ARTICLE SEVENTY-EIGHT OF THE CIVIL PRACTICE LAW AND RULES SHALL
NOT BE INSTITUTED UNLESS (A) THE AMOUNT OF ANY TAX SOUGHT TO BE
REVIEWED, WITH SUCH INTEREST AND PENALTIES THEREON AS MAY BE PROVIDED
FOR BY LOCAL LAW SHALL BE FIRST DEPOSITED AND THERE IS FILED AN UNDER-
TAKING, ISSUED BY A SURETY COMPANY AUTHORIZED TO TRANSACT BUSINESS IN
THIS STATE AND APPROVED BY THE STATE SUPERINTENDENT OF FINANCIAL
SERVICES AS TO SOLVENCY AND RESPONSIBILITY, IN SUCH AMOUNT AS A JUSTICE
OF THE SUPREME COURT SHALL APPROVE TO THE EFFECT THAT IF SUCH PROCEEDING
BE DISMISSED OR THE TAX CONFIRMED THE PETITIONER WILL PAY ALL COSTS AND
CHARGES WHICH MAY ACCRUE IN THE PROSECUTION OF SUCH PROCEEDING OR (B) AT
THE OPTION OF THE PETITIONER, SUCH UNDERTAKING MAY BE IN A SUM SUFFI-
CIENT TO COVER THE TAXES, INTEREST AND PENALTIES STATED IN SUCH DETERMI-
NATION, PLUS THE COSTS AND CHARGES WHICH MAY ACCRUE AGAINST IT IN THE
PROSECUTION OF THE PROCEEDING, IN WHICH EVENT THE PETITIONER SHALL NOT
BE REQUIRED TO PAY SUCH TAXES, INTEREST OR PENALTIES AS A CONDITION
PRECEDENT TO THE APPLICATION.
2. WHERE ANY TAX IMPOSED HEREUNDER SHALL HAVE BEEN ERRONEOUSLY, ILLE-
GALLY OR UNCONSTITUTIONALLY ASSESSED OR COLLECTED AND APPLICATION FOR
THE REFUND OR REVISION THEREOF DULY MADE TO THE PROPER FISCAL OFFICER OR
OFFICERS, AND SUCH OFFICER OR OFFICERS SHALL HAVE MADE A DETERMINATION
DENYING SUCH REFUND OR REVISION, SUCH DETERMINATION SHALL BE REVIEWABLE
BY A PROCEEDING UNDER ARTICLE SEVENTY-EIGHT OF THE CIVIL PRACTICE LAW
A. 7922--A 13
AND RULES; PROVIDED, HOWEVER, THAT (A) SUCH PROCEEDING IS INSTITUTED
WITHIN FOUR MONTHS AFTER THE GIVING OF THE NOTICE OF SUCH DENIAL, (B) A
FINAL DETERMINATION OF TAX DUE WAS NOT PREVIOUSLY MADE, AND (C) AN
UNDERTAKING IS FILED WITH THE PROPER FISCAL OFFICER OR OFFICERS IN SUCH
AMOUNT AND WITH SUCH SURETIES AS A JUSTICE OF THE SUPREME COURT SHALL
APPROVE TO THE EFFECT THAT IF SUCH PROCEEDING BE DISMISSED OR THE TAX
CONFIRMED, THE PETITIONER WILL PAY ALL COSTS AND CHARGES WHICH MAY
ACCRUE IN THE PROSECUTION OF SUCH PROCEEDING.
§ 1451-M. APPORTIONMENT. A LOCAL LAW ADOPTED BY THE TOWN OF ROCHESTER,
PURSUANT TO THIS ARTICLE, SHALL PROVIDE FOR A METHOD OF APPORTIONMENT
FOR DETERMINING THE AMOUNT OF TAX DUE WHENEVER THE REAL PROPERTY OR
INTEREST THEREIN IS SITUATED WITHIN AND WITHOUT THE TOWN.
§ 1451-N. MISCELLANEOUS. A LOCAL LAW ADOPTED BY THE TOWN OF ROCHESTER,
PURSUANT TO THIS ARTICLE, MAY CONTAIN SUCH OTHER PROVISIONS AS THE TOWN
DEEMS NECESSARY FOR THE PROPER ADMINISTRATION OF THE TAX IMPOSED PURSU-
ANT TO THIS ARTICLE, INCLUDING PROVISIONS CONCERNING THE DETERMINATION
OF TAX, THE IMPOSITION OF INTEREST ON UNDERPAYMENTS AND OVERPAYMENTS AND
THE IMPOSITION OF CIVIL PENALTIES. SUCH PROVISIONS SHALL BE IDENTICAL TO
THE CORRESPONDING PROVISIONS OF THE REAL ESTATE TRANSFER TAX IMPOSED BY
ARTICLE THIRTY-ONE OF THIS CHAPTER, SO FAR AS SUCH PROVISIONS CAN BE
MADE APPLICABLE TO THE TAX IMPOSED PURSUANT TO THIS ARTICLE.
§ 1451-O. RETURNS TO BE SECRET. 1. EXCEPT IN ACCORDANCE WITH PROPER
JUDICIAL ORDER OR AS OTHERWISE PROVIDED BY LAW, IT SHALL BE UNLAWFUL FOR
THE TREASURER OR ANY OFFICER OR EMPLOYEE OF THE COUNTY OR TOWN, INCLUD-
ING ANY PERSON ENGAGED OR RETAINED ON AN INDEPENDENT CONTRACT BASIS, TO
DIVULGE OR MAKE KNOWN IN ANY MANNER THE PARTICULARS SET FORTH OR
DISCLOSED IN ANY RETURN REQUIRED UNDER A LOCAL LAW ENACTED PURSUANT TO
THIS ARTICLE. HOWEVER, THAT NOTHING IN THIS SECTION SHALL PROHIBIT THE
RECORDING OFFICER FROM MAKING A NOTATION ON AN INSTRUMENT EFFECTING A
CONVEYANCE INDICATING THE AMOUNT OF TAX PAID. NO RECORDED INSTRUMENT
EFFECTING A CONVEYANCE SHALL BE CONSIDERED A RETURN FOR PURPOSES OF THIS
SECTION.
2. THE OFFICERS CHARGED WITH THE CUSTODY OF SUCH RETURNS SHALL NOT BE
REQUIRED TO PRODUCE ANY OF THEM OR EVIDENCE OF ANYTHING CONTAINED IN
THEM IN ANY ACTION OR PROCEEDING IN ANY COURT, EXCEPT ON BEHALF OF THE
COUNTY OR TOWN IN ANY ACTION OR PROCEEDING INVOLVING THE COLLECTION OF A
TAX DUE UNDER A LOCAL LAW ENACTED PURSUANT TO THIS ARTICLE TO WHICH SUCH
COUNTY OR TOWN IS A PARTY, OR A CLAIMANT, OR ON BEHALF OF ANY PARTY TO
ANY ACTION OR PROCEEDING UNDER THE PROVISIONS OF A LOCAL LAW ENACTED
PURSUANT TO THIS ARTICLE WHEN THE RETURNS OR FACTS SHOWN THEREBY ARE
DIRECTLY INVOLVED IN SUCH ACTION OR PROCEEDING, IN ANY OF WHICH EVENTS
THE COURT MAY REQUIRE THE PRODUCTION OF, AND MAY ADMIT IN EVIDENCE, SO
MUCH OF SAID RETURNS OR OF THE FACTS SHOWN THEREBY, AS ARE PERTINENT TO
THE ACTION OR PROCEEDING AND NO MORE.
3. NOTHING HEREIN SHALL BE CONSTRUED TO PROHIBIT THE DELIVERY TO A
GRANTOR OR GRANTEE OF AN INSTRUMENT EFFECTING A CONVEYANCE OR THE DULY
AUTHORIZED REPRESENTATIVE OF A GRANTOR OR GRANTEE OF A CERTIFIED COPY OF
ANY RETURN FILED IN CONNECTION WITH SUCH INSTRUMENT OR TO PROHIBIT THE
PUBLICATION OF STATISTICS SO CLASSIFIED AS TO PREVENT THE IDENTIFICATION
OF PARTICULAR RETURNS AND THE ITEMS THEREOF, OR THE INSPECTION BY THE
LEGAL REPRESENTATIVES OF SUCH COUNTY OR TOWN OF THE RETURN OF ANY
TAXPAYER WHO SHALL BRING ACTION TO SET ASIDE OR REVIEW THE TAX BASED
THEREON.
4. ANY OFFICER OR EMPLOYEE OF SUCH COUNTY OR TOWN WHO WILLFULLY
VIOLATES THE PROVISIONS OF THIS SECTION SHALL BE DISMISSED FROM OFFICE
A. 7922--A 14
AND BE INCAPABLE OF HOLDING ANY PUBLIC OFFICE IN THIS STATE FOR A PERIOD
OF FIVE YEARS THEREAFTER.
§ 1451-P. FORECLOSURE PROCEEDINGS. WHERE THE CONVEYANCE CONSISTS OF A
TRANSFER OF PROPERTY MADE AS A RESULT OF AN ORDER OF THE COURT IN A
FORECLOSURE PROCEEDING ORDERING THE SALE OF SUCH PROPERTY, THE REFEREE
OR SHERIFF EFFECTUATING SUCH TRANSFER SHALL NOT BE LIABLE FOR ANY INTER-
EST OR PENALTIES THAT ARE AUTHORIZED PURSUANT TO THIS ARTICLE OR ARTICLE
THIRTY-SEVEN OF THIS CHAPTER.
§ 4. This act shall take effect immediately.