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

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

Credits, refunds, and privacy for taxpayers

If tax was already paid on the same property, you can claim a credit: prior tax paid × (value taxed now ÷ total value taxed before). If you paid by mistake, you can apply to the treasurer for a refund within two years; interest may be included. You can ask a court to review a final tax decision under an Article 78 proceeding; a bond may be required and payment may be paused. The treasurer keeps return details confidential unless a court orders disclosure or the law allows it.

New Copake tax on property sales

The law lets Copake impose a local tax of up to 2% of the price when property is transferred. The Town Board sets the exact rate by local law and picks a start date at least 60 days after it passes that law. Money from this tax goes to the Community Preservation Fund.

Community Preservation Fund and deposits

The law authorizes Copake to set up a Community Preservation Fund. All local transfer‑tax money goes into a separate trust fund, and interest stays there. After holding money for refunds, the treasurer sends the rest to the town supervisor by the 12th of each month. Money in the fund can only pay for community preservation projects.

Co-op transfers taxed and reports due

The transfer tax applies to co-op shares and proprietary leases, both first sales and later resales. Every co-op housing corporation must file reports twice a year with the town treasurer: by July 15 and by January 15.

How tax works on split parcels

If a property sits partly in Copake and partly outside, the town can set rules to split the transfer tax. The local apportionment method decides how much of the price Copake taxes.

Sponsors & Cosponsors

Sponsor

Didi Barrett
Democratic • House

Cosponsors

Tommy Schiavoni
Democratic • House

Roll Call Votes

All Roll Calls

Yes: 40 • No: 19

House vote • 6/12/2025

FLOOR Vote