New YorkA 60972025-2026 Regular SessionHouseWALLET

Relates to community preservation funds for the town of Orangetown

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 2 benefits, 1 costs, 1 mixed.

Orangetown property transfer tax and breaks

Orangetown can charge a local real estate transfer tax up to 0.75% of the price. Many transfers are exempt, including government deals, debt-only transfers, gifts, and preservation uses. The law also subtracts $100,000 for improved property and $50,000 for unimproved property when figuring the tax. If you already paid transfer tax on a related lease or option, you can claim a credit tied to that earlier tax. If you paid by mistake, you have two years to file for a refund. Foreclosure or sheriff’s sale transfers do not owe interest or penalties.

Safeguards for transfer tax money

The town must keep transfer tax money in a separate trust account and invest it as allowed by law. Any interest or gains stay with that account. The treasurer sends the month’s collections to the supervisor by the 12th, after setting aside money for refunds. Tax returns are confidential, and any officer who willfully discloses them is fired and barred from public office for five years.

Orangetown Community Preservation Fund created

The law lets the town set up a Community Preservation Fund. When the town collects the local transfer tax, that money goes into this fund. Money in the fund only pays for preservation projects, not other town spending.

Special rules for co-op sales

Original sales of co‑op shares and proprietary leases are taxed. Later transfers may leave out some lien amounts from the tax base, as the law sets. Co‑op corporations must file a yearly report by July 15 with names, ID numbers, shares sold, dates, and prices.

Sponsors & Cosponsors

Sponsor

Aron Wieder
Democratic • House

Cosponsors

Tommy Schiavoni
Democratic • House

Roll Call Votes

All Roll Calls

Yes: 52 • No: 7

House vote • 6/13/2025

FLOOR Vote