2006 New York Code - Imposition Of Tax.

 
    * §  1449-bb.  Imposition of tax. Notwithstanding any other provisions
  of law to the contrary, any town  in  the  Peconic  Bay  region,  acting
  through  its  town  board, is hereby authorized and empowered to adopt a
  local law imposing in such  town  a  tax  on  each  conveyance  of  real
  property  or  interest  therein  where  the  consideration  exceeds five
  hundred dollars, at the rate of two percent  of  the  consideration  for
  such  conveyance.    Provided,  however,  any  such  local law imposing,
  repealing or reimposing  such  tax  shall  be  subject  to  a  mandatory
  referendum  pursuant  to section twenty-three of the municipal home rule
  law.  Notwithstanding the foregoing, prior to  adoption  of  such  local
  law,  the  town must establish a community preservation fund pursuant to
  section sixty-four-e of the town law. Revenues from such  tax  shall  be
  deposited  in  such fund and may be used solely for the purposes of such
  fund.  Such local law shall apply to  any  conveyance  occurring  on  or
  after  the  first  day  of  a month to be designated by such town board,
  which is not less than sixty days after the enactment of such local law,
  but shall not apply to conveyances made on or after such  date  pursuant
  to  binding  written contracts entered into prior to such date, provided
  that the date of execution of such contract is confirmed by  independent
  evidence  such as the recording of the contract, payment of a deposit or
  other facts and circumstances as determined by the treasurer.
    * NB Repealed December 31, 2020