NY S07532

Authorizes Madison County to adopt local laws imposing a real estate transfer tax of $2 for each $500 (or fractional part thereof) of consideration on property conveyances exceeding $500.

Tax applies to transfers of real property interests, including sales, exchanges, leasehold interests over 49 years, and transfers of controlling interests in entities owning real property.

Grantor is primarily liable for the tax; grantee becomes liable if grantor fails to pay or is exempt, with joint and several liability between parties.

Exempts conveyances to governmental entities, gifts without consideration, tax sales, bankruptcy transfers, and certain residential property sales under $200,000.

County legislative body determines the effective date and deposit of collected revenue into the county general fund for purposes deemed appropriate by the legislative body.