NY A10553

Authorizes the town of Orangetown to establish a community preservation fund by local law, funded by revenues from a real estate transfer tax and other sources including gifts and interest accrual.

Allows the town to impose a real estate transfer tax up to 0.75% on conveyances of real property, subject to mandatory referendum approval and exemptions for certain transactions including agricultural land conversions and conservation easements.

Fund revenues must be used exclusively for community preservation purposes including acquiring property interests, implementing preservation plans, establishing transfer of development rights banks, and managing stewardship programs, with no more than 10% allocated to management.

Requires the town to establish an advisory board of 5-7 residents (with majority conservation experience and at least one active farmer) and adopt a community preservation project plan listing all planned projects, prioritizing farmland preservation.

Tax provisions expire December 31, 2043, at which point the real estate transfer tax authorization is repealed unless the legislature extends it.