NY A05211

Authorizes the Town of Chester to establish a community preservation fund through local law, funded by revenues from a real estate transfer tax and other sources, to preserve community character through land acquisition, conservation easements, and transfer of development rights programs.

Permits the Town of Chester to impose a real estate transfer tax not to exceed 0.75% on real property conveyances, subject to mandatory voter referendum, with all revenues deposited into the community preservation fund.

Requires the Town of Chester to establish an advisory board of 5-7 residents with conservation experience and adopt a community preservation project plan listing all projects before implementing the tax, with farmland preservation as the highest priority.

Exempts certain conveyances from the transfer tax including government transfers, gifts, property with permanent development restrictions, agricultural land subject to 8+ year conversion restrictions, and conveyances to nonprofit conservation organizations.

Provides that the real estate transfer tax provisions expire on December 31, 2041, with revenues collected by the Orange County Treasurer and distributed monthly to the Town of Chester for deposit into the community preservation fund.