S. 4751 Summary

• Authorizes the Town of Chester, Orange County to establish a community preservation fund by local law, funded primarily by revenues from a real estate transfer tax on property conveyed within the town.

• Permits the town to impose a real estate transfer tax not to exceed 0.75% of consideration on real property conveyances, subject to mandatory referendum under municipal home rule law.

• Establishes that fund revenues must be used exclusively for community preservation purposes including open space acquisition, parks, agricultural land preservation, historic preservation, and transfer of development rights programs.

• Requires the town to create an advisory board of 5-7 residents and adopt a community preservation project plan listing all planned acquisitions before imposing the tax, with preservation of farmland as the highest priority.

• Provides exemptions from the transfer tax for government conveyances, gifts without consideration, development-restricted properties, and viable agricultural land subject to 8-year development restrictions, with standard exemptions of $100,000 (improved property) and $50,000 (unimproved property).

• Sunsets the tax authority on December 31, 2041.