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NY A09316

Bill

Official Source

Status

Introduced

4/9/2014

Primary Sponsor

Anthony Palumbo

Click for details

Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Adds the town of Southold to the list of towns (Southampton, East Hampton, and Shelter Island) where first-time homebuyers can claim exemption from real estate transfer tax on primary residential property
  • Requires Southold properties to be within 60 percent of the state mortgage agency's low interest rate mortgage program purchase price limits for non-target one family categories in Suffolk County, compared to 120 percent for the other three towns
  • Requires buyer household income not to exceed limits defined by the state mortgage agency's low interest rate mortgage program for non-target one and two person households in Suffolk County, applied on the contract date
  • Takes effect immediately upon enactment

Legislative Description

Exempts primary residential property purchased by first-time homebuyers meeting certain income and purchase price requirements from the tax on real estate transfers in the town of Southold, county of Suffolk.

Last Action

substituted by s6965

6/19/2014

Committee Referrals

Rules6/19/2014
Ways and Means4/9/2014

Full Bill Text

No bill text available