§ 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 § 23 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 3 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 § 6-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.

Terms Used In N.Y. Tax Law 1561

  • 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 1560
  • 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 1560
  • Designated community: means any town or city within the Hudson Valley counties of Putnam, Ulster, or Westchester. See N.Y. Tax Law 1560
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fund: means a community preservation fund created pursuant to § 6-s of the general municipal law. See N.Y. Tax Law 1560
  • Governing body: means the town board of a town; or the board of aldermen, common council, council, or commission of a city. See N.Y. Tax Law 1560
  • Tax: means the real estate transfer tax payable on a real property conveyance pursuant to section fifteen hundred sixty-one of this article, but shall have a different meaning if the context clearly indicates such as the real estate transfer tax imposed pursuant to article thirty-one of this chapter. See N.Y. Tax Law 1560
  • Treasurer: means the county treasurer. See N.Y. Tax Law 1560