NY A07861

Authorizes Livingston County to impose a real estate transfer tax of $1 for every $500 (or fractional part) of consideration on property conveyances exceeding $500, effective no sooner than 60 days after local law adoption.

Tax applies to transfers of real property interests, leasehold interests exceeding 49 years with substantial improvements, options, and controlling interests in entities owning real property located in Livingston County.

Exempts governmental entities and their conveyances, gifts without consideration, tax sales, changes in form of ownership without change in beneficial ownership, and residential property sales under $200,000 with certain conditions.

Requires grantors to pay the tax at time of recording; grantees become jointly and severally liable if grantor fails to pay or is exempt; recording officer cannot record documents without tax payment and return filing.

Revenue collected deposits into Livingston County's general fund for county services; bill expires and repeals December 31, 2013.