S. 8649 Summary

• Authorizes the town of Chester, Orange County to establish a community preservation fund through local law to acquire land interests and implement preservation projects for open space, farmland, historic properties, wetlands, and other community character preservation purposes.

• Permits the town board to adopt a real estate transfer tax of up to 0.75% on conveyances of real property, with revenues deposited exclusively into the community preservation fund; tax adoption requires a mandatory referendum and prior establishment of a preservation plan.

• Requires the town to create a five or seven-member advisory board with conservation expertise and at least one active farmer to review and recommend property acquisitions; prioritizes farmland preservation in the community preservation project plan.

• Exempts certain conveyances from the transfer tax, including transfers to government entities, gifts, tax sales, properties with conservation easements or development restrictions, agricultural land being restricted for at least 8 years, and transfers to nonprofit conservation organizations.

• Requires the county treasurer to collect taxes and deposit them in a trust fund with monthly distributions to the town; section two of the act expires December 31, 2040.