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This entry was published on 2014-09-22
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SECTION 1561
Imposition of tax
Tax (TAX) CHAPTER 60, ARTICLE 33-B
§ 1561. Imposition of tax. Notwithstanding any other provisions of law
to the contrary, any designated community, acting through its governing
body, is hereby authorized and empowered to adopt a local law imposing
in such designated community a tax on each conveyance of real property
or interest therein where the consideration exceeds five hundred
dollars, at a rate of up to two percent of the consideration for such
conveyance; any such local law shall fix the rate of such tax. Provided,
however, any such local law imposing, repealing or reimposing such tax
shall be subject to a mandatory referendum pursuant to section
twenty-three of the municipal home rule law. Such local law shall only
be submitted for the approval of the electors at a November general
election. In addition to the filings required pursuant to article three
of the municipal home rule law, the local law shall be filed with the
commissioner within twenty days of its approval by the electors.
Notwithstanding the foregoing, prior to adoption of such local law, the
designated community must establish a community preservation fund
pursuant to section six-s of the general municipal law. Revenues from
such 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
governing body, 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.