NY S06965

Adds the town of Southold to the list of towns where first-time homebuyers can claim exemptions from real estate transfer taxes on primary residential property.

Requires Southold properties to be within 60 percent of the state mortgage agency's purchase price limits for non-target one-family categories in Suffolk County, as compared to 120 percent limits in Southampton, East Hampton, and Shelter Island.

Maintains existing income limit requirement that buyer's household income cannot 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.

Limits exemption eligibility to first-time homebuyers purchasing primary residential property, with all limits determined as of the contract date for the sale.

Takes effect immediately, but the amendment is subject to the repeal provisions of the original section it amends.