NY A05882

Authorizes the town of Wawayanda to establish a community preservation fund by local law, which may receive revenues from local sources and must include revenues from a real estate transfer tax on property transfers within the town.

Allows the town board to adopt a local law imposing a real estate transfer tax not to exceed three-quarters of one percent on real property conveyances, subject to a mandatory referendum and prior establishment of a community preservation fund.

Fund revenues may be used exclusively for preserving community character through open space acquisition, parks, agricultural land preservation, historic preservation, transfer of development rights programs, and related management activities, with not more than 10 percent allocated to management costs.

Establishes an advisory board of five to seven residents with conservation experience to review property acquisitions; requires adoption of a community preservation project plan listing all planned projects and evaluating land preservation alternatives, with farmland preservation as highest priority.

Provides exemptions from the transfer tax for government entities, development-restricted properties, agricultural land conveyed with development restrictions lasting at least eight years, and conveyances to nonprofit conservation organizations; allows a $100,000 exemption on improved property and $50,000 on unimproved property.