N.Y. Tax Law 1205 – Imposition of taxes on deeds in the city of Mount Vernon
§ 1205. Imposition of taxes on deeds in the city of Mount Vernon. (a) Notwithstanding any provision of law to the contrary, the local governing body of the city of Mount Vernon, by the adoption and amendment of local laws, ordinances or resolutions may impose in such city and provide for the administration and collection of a tax on deeds by which real property is conveyed in such city in the manner set forth and as authorized in subdivision (b) of this section.
Terms Used In N.Y. Tax Law 1205
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) There is hereby imposed in the city of Mount Vernon a tax on each deed by which any real property is conveyed (measured by the consideration or value of the interest or property conveyed) at a rate not to exceed one percent of such consideration or value with respect to all conveyances, provided that such city may allow deductions for any liens on such interest or property and may also allow an exemption not in excess of one hundred thousand dollars on the consideration or value of the interest or property conveyed. Provided, further, that such taxes shall not apply if the contract for any such conveyance was made prior to September first, nineteen hundred eighty-four. Such taxes may be imposed on any conveyance or transfer of real property or interest therein by deed where the real property is located in such city regardless of where transactions, negotiations, transfers of deeds or other actions with regard to the transfer or conveyance take place, subject only to the restrictions contained in section twelve hundred thirty. The payment of, and the filing of a return relating to, any such taxes may be required as a condition precedent to the recording of a deed.