NY A10916

Authorizes Madison County to adopt local laws imposing a real estate transfer tax of $1 for every $500 (or fraction thereof) of consideration on property transfers exceeding $500.

Tax applies to conveyances including sales, exchanges, mortgages, foreclosures, and transfers of controlling interests in entities owning real property, with exceptions for governmental transfers, gifts, and certain residential properties under $200,000.

Grantor is primarily liable for tax payment to county treasurer or recording officer at time of deed recording; grantee becomes liable if grantor fails to pay or is exempt.

Revenue from tax collections must be distributed as: one-third to Greater Syracuse Property Development Corporation, one-third to arts and cultural institutions in Madison County, and one-third to road and sewer infrastructure repairs.

Act takes effect immediately and expires seven years after enactment, with detailed provisions for returns, refunds, exemptions, and cooperative housing corporation transfers.