N.Y. Tax Law § 1206: Imposition of taxes on deeds in the city of Peekskill

§ 1206. Imposition of taxes on deeds in the city of Peekskill. (a)

Notwithstanding any provision of law to the contrary, the local

governing body of the city of Peekskill, by the adoption and amendment

of local laws, ordinances or resolutions may impose in such city and

provide for the administration and collection of a tax on deeds by which

real property is conveyed in such city in the manner set forth and as

authorized in subdivision (b) of this section.

(b) There is hereby imposed in the city of Peekskill a tax on each

deed by which any real property is conveyed (measured by the

consideration or value of the interest or property conveyed) at a rate

not to exceed one percent of such consideration or value with respect to

all conveyances, provided that such city may allow deductions for any

liens on such interest or property and may also allow an exemption not

in excess of one hundred thousand dollars on the consideration or value

of the interest or property conveyed. Provided, further, that such taxes

shall not apply if the contract for any such conveyance was made prior

to September first, two thousand seven. Such taxes may be imposed on any

conveyance or transfer of real property or interest therein by deed

where the real property is located in such city regardless of where

transactions, negotiations, transfers of deeds or other actions with

regard to the transfer or conveyance take place, subject only to the

restrictions contained in section twelve hundred thirty. The payment of,

and the filing of a return relating to, any such taxes may be required

as a condition precedent to the recording of a deed.