NY S04712

Authorizes the Town of Orangetown to establish a community preservation fund by local law to acquire and manage interests in real property for preserving community character, with fund revenues including a real estate transfer tax and acceptance of gifts.

Allows the Town to impose a real estate transfer tax of up to 0.75% on real property conveyances, subject to voter referendum, with all revenues deposited into the community preservation fund.

Exempts certain conveyances from the transfer tax, including those to government entities, gifts without consideration, property with permanent development restrictions, and agricultural land subject to 8+ year development restrictions.

Requires the Town to establish an advisory board of 5-7 residents and adopt a community preservation project plan listing all projects, with farmland preservation as the highest priority and mandatory plan updates every five years.

Provisions authorizing the real estate transfer tax expire on December 31, 2043, at which time those provisions are deemed repealed.