Senate Bill S8267

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8267
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               May 28, 2025
                                ___________
 
 Introduced by Sen. OBERACKER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT to amend the town law and the tax law, in relation to authorizing
   the town of Rochester to establish community housing funds to be fund-
   ed by a supplemental real estate transfer tax

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "Town of Rochester community housing act".
   §  2.  The town law is amended by adding a new section 64-l to read as
 follows:
   § 64-L. TOWN OF ROCHESTER COMMUNITY HOUSING FUND. 1.  DEFINITIONS.  AS
 USED IN THIS SECTION, THE FOLLOWING  WORDS  AND  TERMS  SHALL  HAVE  THE
 FOLLOWING MEANINGS:
   (A) "TOWN" MEANS THE TOWN OF ROCHESTER.
   (B)  "COMMUNITY  HOUSING"  MEANS A PRIMARY RESIDENTIAL PROPERTY FOR AN
 ELIGIBLE INDIVIDUAL THAT DOES NOT EXCEED ONE HUNDRED  FIFTY  PERCENT  OF
 THE  PURCHASE PRICE LIMITS 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 PROP-
 ERTY.
   (C) "BOARD" MEANS THE ADVISORY BOARD CREATED PURSUANT  TO  SUBDIVISION
 SIX OF THIS SECTION.
   (D)  "FUND"  MEANS  THE  COMMUNITY HOUSING FUND AUTHORIZED PURSUANT TO
 SUBDIVISION TWO OF THIS SECTION.
   (E) "FIRST-TIME HOMEBUYER" MEANS AN ELIGIBLE INDIVIDUAL  WHO  HAS  NOT
 OWNED  A PRIMARY RESIDENTIAL PROPERTY AND IS NOT MARRIED TO A PERSON WHO
 HAS OWNED A RESIDENTIAL PROPERTY DURING THE THREE-YEAR PERIOD  PRIOR  TO
 SUCH PERSON'S PURCHASE OF THE PRIMARY RESIDENTIAL PROPERTY, AND WHO DOES
 NOT OWN A VACATION OR INVESTMENT HOME.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11037-01-5
 S. 8267                             2
              

 
   (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  FORTY-NINE-
 BBBBBBBB OF THE TAX LAW; (B) ALL PROCEEDS FROM ANY INDEBTEDNESS OR OBLI-
 GATIONS  ISSUED  PURSUANT TO THE LOCAL FINANCE LAW FOR COMMUNITY HOUSING
 OPPORTUNITY 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
 YORK  STATE  AFFORDABLE  HOUSING  CORPORATION AND THE PROVISIONS OF THIS
 SECTION;
 S. 8267                             3
 
   (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:
   (1) PUBLIC INVESTMENT. TO ACCOUNT FOR AND MINIMIZE  SOCIAL,  ECONOMIC,
 AND  ENVIRONMENTAL  COSTS  OF  NEW DEVELOPMENT, INCLUDING INFRASTRUCTURE
 S. 8267                             4
 
 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
 THE OPTION OF THE VILLAGE. IN ORDER TO PARTICIPATE, A VILLAGE SHALL PASS
 S. 8267                             5
 
 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 FORTY-NINE-BBBBBBBB OF THE TAX LAW.
   § 3. The tax law is amended by adding a new article 31-J  to  read  as
 follows:
                                ARTICLE 31-J
                       TAX ON REAL ESTATE TRANSFERS
                         IN THE TOWN OF ROCHESTER
 SECTION 1449-AAAAAAAA. DEFINITIONS.
         1449-BBBBBBBB. IMPOSITION OF TAX.
         1449-CCCCCCCC. PAYMENT OF TAX.
         1449-DDDDDDDD. LIABILITY FOR TAX.
         1449-EEEEEEEE. EXEMPTIONS.
         1449-FFFFFFFF. CREDIT.
         1449-GGGGGGGG. COOPERATIVE HOUSING CORPORATION TRANSFERS.
         1449-HHHHHHHH. DESIGNATION OF AGENTS.
         1449-IIIIIIII. LIABILITY OF RECORDING OFFICER.
         1449-JJJJJJJJ. REFUNDS.
         1449-KKKKKKKK. DEPOSIT AND DISPOSITION OF REVENUE.
         1449-LLLLLLLL. JUDICIAL REVIEW.
         1449-MMMMMMMM. APPORTIONMENT.
         1449-NNNNNNNN. MISCELLANEOUS.
         1449-OOOOOOOO. RETURNS TO BE SECRET.
         1449-PPPPPPPP. FORECLOSURE PROCEEDINGS.
   § 1449-AAAAAAAA. DEFINITIONS. WHEN USED IN THIS ARTICLE, UNLESS OTHER-
 WISE  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
 OPTION  OR  CONTRACT TO PURCHASE REAL PROPERTY, WHETHER OR NOT EXPRESSED
 S. 8267                             6
 
 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,
 (B) SUBSTANTIAL CAPITAL IMPROVEMENTS ARE OR MAY BE MADE BY  OR  FOR  THE
 S. 8267                             7

 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-L 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 FORTY-NINE-BBBBBBBB 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.
   §   1449-BBBBBBBB.   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 HALF OF ONE PERCENT OF THE CONSIDERATION FOR SUCH
 CONVEYANCE. PROVIDED, HOWEVER, ANY SUCH LOCAL LAW IMPOSING, REPEALING OR
 RE-IMPOSING SUCH SUPPLEMENTAL TAX SHALL BE SUBJECT TO A MANDATORY REFER-
 S. 8267                             8
 
 ENDUM 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-L  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 SUBDIVISION SHALL BE ADMINISTERED AND COLLECTED
 IN A LIKE MANNER AS THE TAX IMPOSED BY SUBDIVISION ONE OF THIS SECTION.
   §  1449-CCCCCCCC.  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.
   §  1449-DDDDDDDD.  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
 S. 8267                             9
 
 OF PROVING THE CONTRARY SHALL BE ON THE PERSON LIABLE FOR PAYMENT OF THE
 TAX.
   § 1449-EEEEEEEE. 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
 S. 8267                            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.
   §  1449-FFFFFFFF.  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.
   §  1449-GGGGGGGG.  COOPERATIVE  HOUSING  CORPORATION   TRANSFERS.   1.
 NOTWITHSTANDING  THE  DEFINITION  OF "CONTROLLING INTEREST" CONTAINED IN
 SUBDIVISION TWO OF SECTION FOURTEEN HUNDRED FORTY-NINE-AAAAAAAA OF  THIS
 ARTICLE  OR  ANYTHING  TO  THE CONTRARY CONTAINED IN SUBDIVISION FIVE OF
 SECTION FOURTEEN HUNDRED FORTY-NINE-AAAAAAAA OF THIS  ARTICLE,  THE  TAX
 IMPOSED PURSUANT TO THIS ARTICLE SHALL APPLY TO (A) THE ORIGINAL CONVEY-
 ANCE  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 (B) THE SUBSE-
 QUENT 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 RESIDENTIAL 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 PROPRIE-
 TARY LEASE FROM A CORPORATION OR PARTNERSHIP FORMED FOR THE  PURPOSE  OF
 COOPERATIVE  OWNERSHIP  OF RESIDENTIAL INTEREST IN REAL ESTATE REMAINING
 THEREON AT THE TIME OF CONVEYANCE. IN DETERMINING THE TAX ON  A  CONVEY-
 ANCE  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 PROP-
 ERTY. THE AMOUNT OF THE CREDIT SHALL BE DETERMINED  BY  MULTIPLYING  THE
 AMOUNT OF TAX PAID UPON THE CONVEYANCE TO THE COOPERATIVE HOUSING CORPO-
 RATION  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 BENEFICIAL OWNERSHIP OF SUCH PROPERTY, AND THEN MULTIPLY-
 ING THE RESULTING PRODUCT BY A FRACTION, THE NUMERATOR OF WHICH SHALL BE
 THE NUMBER OF SHARES OF STOCK CONVEYED IN  A  TRANSACTION  DESCRIBED  IN
 S. 8267                            11

 PARAGRAPH (A) OF THIS SUBDIVISION, AND THE DENOMINATOR OF WHICH SHALL BE
 THE  TOTAL  NUMBER  OF SHARES OF STOCK OF THE COOPERATIVE HOUSING CORPO-
 RATION (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.
   § 1449-HHHHHHHH. DESIGNATION OF AGENTS. THE TREASURER IS AUTHORIZED TO
 DESIGNATE 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 TREA-
 SURER SHALL PRESCRIBE. THE REAL ESTATE TRANSFER TAX  SHALL  BE  PAID  TO
 SUCH  AGENT  AS PROVIDED IN SECTION FOURTEEN HUNDRED FORTY-NINE-CCCCCCCC
 OF THIS ARTICLE.
   § 1449-IIIIIIII. 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  CONSIDER-
 ATION OR THE VALUE OF THE INTEREST CONVEYED AS SUCH AMOUNTS ARE PROVIDED
 TO SUCH OFFICER BY THE PERSON PAYING THE TAX.
   §  1449-JJJJJJJJ. REFUNDS. WHENEVER THE TREASURER SHALL DETERMINE THAT
 ANY MONEYS RECEIVED UNDER THE PROVISIONS OF THE LOCAL LAW ENACTED PURSU-
 ANT 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.
   § 1449-KKKKKKKK. DEPOSIT AND DISPOSITION OF  REVENUE.  1.  ALL  TAXES,
 PENALTIES  AND  INTEREST  IMPOSED  BY  THE  TOWN  UNDER THE AUTHORITY OF
 SECTION FOURTEEN HUNDRED FORTY-NINE-BBBBBBBB OF THIS ARTICLE, WHICH  ARE
 COLLECTED BY THE TREASURER OR SUCH TREASURER'S AGENTS, SHALL BE DEPOSIT-
 ED  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 EXPENDI-
 TURE FROM SUCH FUND, MONEYS  THEREIN  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  FORTY-NINE-
 S. 8267                            12
 
 BBBBBBBB  OF  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  FORTY-NINE-BBBBBBBB OF THIS ARTICLE, COLLECTED BY THE
 TREASURER, 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 UNDER-
 PAYMENT 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 UNDER-
 PAYMENT 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 UNDER-
 PAYMENT 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-L OF THE TOWN LAW.
   §  1449-LLLLLLLL.  JUDICIAL  REVIEW. 1. ANY FINAL DETERMINATION OF THE
 AMOUNT OF ANY TAX PAYABLE UNDER  SECTION  FOURTEEN  HUNDRED  FORTY-NINE-
 CCCCCCCC  OF  THIS  ARTICLE 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  PRAC-
 TICE  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 UNDERTAKING, 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
 SUFFICIENT TO COVER THE TAXES, INTEREST AND  PENALTIES  STATED  IN  SUCH
 DETERMINATION, 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
 S. 8267                            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.
   §  1449-MMMMMMMM.  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.
   § 1449-NNNNNNNN. 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  PURSUANT  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.
   §  1449-OOOOOOOO.  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, INCLUDING  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
 S. 8267                            14
 
 AND BE INCAPABLE OF HOLDING ANY PUBLIC OFFICE IN THIS STATE FOR A PERIOD
 OF FIVE YEARS THEREAFTER.
   §   1449-PPPPPPPP.   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 INTEREST OR PENALTIES THAT ARE AUTHORIZED PURSUANT TO THIS ARTI-
 CLE OR ARTICLE THIRTY-SEVEN OF THIS CHAPTER.
   § 4. This act shall take effect immediately.