S. 9766 Summary

• Authorizes the Town of Orangetown to establish a community preservation fund by local law, which shall receive revenues from a real estate transfer tax and other sources for preservation purposes.

• Empowers the Town of Orangetown to impose a real estate transfer tax not exceeding three-quarters of one percent on real property conveyances, with revenues deposited into the community preservation fund.

• Establishes that fund revenues may be used for open space preservation, agricultural land protection, parks, historic site preservation, transfer of development rights programs, and related management activities, with farmland preservation as the highest priority.

• Requires the town board to adopt a community preservation project plan listing all planned projects, evaluate land use alternatives, and establish a five or seven-member advisory board to review property acquisitions; all tax-related measures must be approved by voter referendum.

• The real estate transfer tax provisions expire December 31, 2043, at which time they shall be deemed repealed.