Loading chat...
NY A10019
Bill
Status
4/29/2022
Primary Sponsor
Jarett Gandolfo
Click for details
AI Summary
-
Village of Saltaire authorized to impose a tax on real estate transfers at a rate not exceeding 2% of the consideration, applying to conveyances with consideration exceeding $500.
-
Tax exemptions include conveyances to government entities, gifts, tax sales, mere changes in ownership form, agricultural land transfers with development restrictions, and conveyances to conservation nonprofits.
-
An exemption of $100,000 applies to improved real property and $50,000 to unimproved real property from the tax calculation.
-
Revenue from the transfer tax must be deposited into a special reserve account fund designated for infrastructure resiliency and sustainability initiatives, including water systems, wastewater treatment, stormwater management, and coastal protection projects.
-
Authorization expires 10 years after the act becomes law, with the tax applying only to conveyances occurring on or after a date designated by the village board, except those pursuant to binding written contracts entered into prior to that date.
Legislative Description
Authorizes the board of trustees of the village of Saltaire in the county of Suffolk to adopt a local law imposing a 2% tax on real estate transfers for ten years to lessen the real property tax burden and fund infrastructure improvements; provides for the repeal of such provisions upon expiration thereof.
Last Action
referred to local governments
4/29/2022