Bill Summary: A08334

• Authorizes Madison County to impose a local real estate transfer tax of $2 for each $500 (or fractional part thereof) of consideration on property transfers exceeding $500.

• Tax applies to conveyances of real property or interests therein located in Madison County, including leases over 49 years, options, and transfers of controlling interests in entities owning real property.

• Grantor is primarily liable for the tax; grantee is liable if grantor fails to pay or is exempt, creating joint and several liability.

• Exempts transfers to governmental entities, gift conveyances, tax sales, mere changes in ownership form, bankruptcy conveyances, and residential property sales under $200,000 with use or occupancy rights.

• Revenue collected deposits into Madison County's general fund for purposes deemed appropriate by the county legislature; returns remain confidential except in court proceedings or for legitimate administrative purposes.