N.Y. Tax Law 1448-K – Exemptions
§ 1448-k. Exemptions. 1. The following shall be exempt from payment of the real estate transfer tax:
Terms Used In N.Y. Tax Law 1448-K
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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 in the deed and whether paid or required to be paid by money, property, or any other thing of value. See N.Y. Tax Law 1448-G
- Contract: A legal written agreement that becomes binding when signed.
- 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 property. See N.Y. Tax Law 1448-G
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Grantee: means the person who obtains real property or interest therein as a result of a conveyance. See N.Y. Tax Law 1448-G
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: means every estate or right, legal or equitable, present or future, vested or contingent, in lands, tenements or hereditaments, including buildings, structures and other improvements thereon, which are located in whole or in part within the county of Essex. See N.Y. Tax Law 1448-G
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) The state of New York, or any of its agencies, instrumentalities, political subdivisions, or public corporations (including a public corporation created pursuant to agreement or compact with another state or the Dominion of Canada).
(b) The United Nations, the United States of America and any of its agencies and instrumentalities.
The exemption of such governmental bodies or persons shall not, however, relieve a grantee from them of liability for the tax.
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 obligation;
(c) Conveyances which, without additional consideration, confirm, correct, modify or supplement a prior conveyance;
(d) Conveyances of real property without consideration and otherwise than in connection with a sale, including conveyances 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 ownership, 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; and
(j) Conveyances of an option or contract to purchase real property with the use or occupancy of such property where the consideration is less than two hundred thousand dollars and such property was used solely by the grantor as his personal residence and consists of a one, two or three-family house, an individual residential condominium unit or the sale of stock in a cooperative housing corporation in connection with the grant or transfer of a proprietary leasehold covering an individual residential cooperative unit.