New YorkA 69182025-2026 Regular SessionHouseWALLET

Authorizes the town of Copake to establish community preservation funds and to impose a real estate transfer tax with revenues to be deposited into the fund

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Bill Overview

Analyzed Economic Effects

7 provisions identified: 5 benefits, 0 costs, 2 mixed.

Copake property buyers get tax exemptions

The taxable amount is reduced by Columbia County's median residential sale price, including for improved and unimproved property. Exempt transfers include specified government transfers, gifts, corrective deeds, debt-security transfers, tax sales, bankruptcy transfers, and property divisions among co-owners. Transfers without a change in the underlying ownership also qualify. Qualifying tax-exempt conservation, environmental, and historic-preservation nonprofits can receive exempt transfers. Exemptions also cover specified permanently restricted land and development rights that are permanently removed. Viable farmland qualifies with at least eight years of protection against non-farm use and a preservation document delivered to Copake at closing. A separate land-preservation-agreement exemption applies only when Copake includes it in the local tax law.

Copake taxpayers get credits and refunds

Buyers can claim credit for tax they previously paid on a lease, option, or purchase contract for the same property. Only previously taxed amounts not yet due to the seller, and never payable afterward, count toward the credit. The credit equals the earlier tax multiplied by that eligible amount's share of the total amount previously taxed. Refund applications for mistaken payments must reach the treasurer within two years; the treasurer must find the payment was wrong. Tax assessments can also face court review under the law's procedures, with a four-month deadline to bring the challenge.

Copake buyers face a voter-approved tax

After creating a preservation fund, Copake can adopt a property transfer tax of up to 2%. Voters must approve adoption, repeal, or reimposition of the local tax. Buyers usually pay; sellers owe the tax when buyers fail to pay or are exempt. The start date must be a month's first day, at least 60 days after local enactment. Earlier binding written contracts are excluded when their dates have independent proof. Noncash payments are presumed to equal fair market value, unless disproved. The county treasurer or designated recording officer collects the tax when the state transfer tax is due. Copake must set a tax-sharing method for property crossing town boundaries. Section 2 takes effect 90 days after enactment and expires December 31, 2045; the rest takes effect immediately.

Copake co-op transfers face tax rules

The transfer tax covers original and later co-op share transfers tied to a right to lease a unit. Later transfers of individual homes exclude liens that remain on the ownership interest. Original share transfers can receive a proportional credit for earlier property-transfer tax attributable to changing the ownership form. That credit cannot reduce tax below zero; earlier tax must be paid within 24 months before the offering's first transfer. Co-op corporations must report transfers, parties, shares, dates, and prices by July 15 for January–June and January 15 for July–December.

Copake taxpayers get return privacy protections

Town and county officers, employees, and contractors cannot disclose transfer-tax return details except as legally allowed. Exceptions include court orders, specified court uses, certified copies for buyers or sellers, and statistics that do not identify taxpayers. An officer or employee who willfully breaks this rule must be dismissed and barred from New York public office for five years. Recording the tax paid on a transfer document is allowed; that document is not treated as a confidential return. Tax returns must be kept for three years and remain protected afterward until destroyed.

Copake can fund farmland and conservation

Copake can create a dedicated fund to preserve farmland, open space, scenic areas, wildlife resources, historic places, and waterways. It can receive local money and gifts, and must receive all local transfer-tax revenue, penalties, interest, and investment returns. The treasurer sends the prior month's collections to the town supervisor by the 12th, after setting aside needed refunds. Fund money cannot move to other accounts. Every funded project must appear in a town plan that compares alternatives and gives farmland the highest priority. The plan must be ready at least 60 days before the tax referendum and filed with state environmental, agriculture, and parks agencies. Updates are required at least every five years, but no earlier than three years after the first adoption. A five- or seven-member advisory board must include an active farmer. The fund can buy land, easements, and development rights, support a development-rights bank, and repay preservation-related debt. It can also pay for low-impact public access facilities; management and stewardship spending cannot exceed 10% of the fund. Property purchases generally require a public hearing and a finding that acquisition is the best reasonable option. Preserved land must protect native wildlife and historic resources and allow public use consistent with preservation goals. Farm-use exceptions apply, and nonprofit managers must maintain public access unless it is demonstrably harmful. Selling, leasing, exchanging, donating, or changing the use of acquired interests requires legislative approval and replacement land of equal environmental and market value, with reasonably similar usefulness and location. Conservation easements follow state rules for changes or removal. The development-rights bank can sell rights only while the underlying land stays permanently preserved, with proceeds returning to the fund. Repealing that bank's program requires returning its money to the fund.

Copake transfer officials get liability protections

Recording officers are not liable for tax errors when they calculate and collect tax using the payer's stated value. Referees and sheriffs carrying out court-ordered foreclosure sales are not liable for interest or penalties under the covered tax rules. These protections do not erase the taxpayer's underlying payment obligation.

Sponsors & Cosponsors

Sponsor

Didi Barrett
Democratic • House

Cosponsors

Tommy Schiavoni
Democratic • House

Roll Call Votes

All Roll Calls

Yes: 140 • No: 63

Senate vote • 6/12/2025

FLOOR Vote

Yes: 40 • No: 19

House vote • 6/12/2025

Assembly floor vote

Yes: 100 • No: 44

Actions Timeline

SIGNED CHAP.524
11/21/2025House
DELIVERED TO GOVERNOR
11/17/2025House
RETURNED TO ASSEMBLY
6/12/2025Senate
PASSED SENATE
6/12/2025Senate
3RD READING CAL.1885
6/12/2025Senate
SUBSTITUTED FOR S6664A
6/12/2025Senate
REFERRED TO RULES
6/12/2025Senate
DELIVERED TO SENATE
6/12/2025House
PASSED ASSEMBLY
6/12/2025House
ORDERED TO THIRD READING RULES CAL.332
5/29/2025House
RULES REPORT CAL.332
5/29/2025House
REPORTED
5/29/2025House
AMEND AND RECOMMIT TO RULES 6918A
5/28/2025House
REPORTED REFERRED TO RULES
5/27/2025House
REPORTED REFERRED TO WAYS AND MEANS
5/13/2025House
REPORTED REFERRED TO CODES
4/30/2025House
REFERRED TO LOCAL GOVERNMENTS
3/18/2025House

Bill Text

Amendment A
5/28/2025
PDF
Original
3/18/2025
PDF

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