N.Y. Tax Law § 1449-eeee: Exemptions

* § 1449-eeee. Exemptions. 1. The following shall be exempt from the

payment of the real estate transfer tax:

(a) The state of New York, or any of its agencies, instrumentalities,

political subdivisions, or public corporations (including a public

corporation created pursuant to an agreement or compact with another

state or the Dominion of Canada); and

(b) The United Nations, the United States of America or any of its

agencies or instrumentalities.

2. The tax shall not apply to any of the following conveyances:

(a) Conveyances to the United Nations, the United States of America,

the state of New York, or any of their instrumentalities, agencies or

political subdivisions (or any public corporation, including a public

corporation created pursuant to agreement or compact with another state

or the Dominion of Canada);

(b) Conveyances which are or were used to secure a debt or other

obligation;

(c) Conveyances which, without additional consideration, confirm,

correct, modify or supplement a deed previously recorded;

(d) Conveyances of real property without consideration and otherwise

than in connection with a sale, including deeds conveying realty as bona

fide gifts;

(e) Conveyances given in connection with a tax sale;

(f) Conveyances to effectuate a mere change of identity or form of

ownership or organization where there is no change in beneficial

ownership, other than conveyances to a cooperative housing corporation

of the real property comprising the cooperative dwelling or dwellings;

(g) Conveyances which consist of a deed of partition;

(h) Conveyances given pursuant to the federal bankruptcy act;

(i) Conveyances of real property which consist of the execution of a

contract to sell real property without the use or occupancy of such

property or the granting of an option to purchase real property without

the use or occupancy of such property;

(j) Conveyances of real property, where the entire parcel of real

property to be conveyed is the subject of one or more of the following

development restrictions:

(1) agricultural, conservation, scenic, or an open space easement,

(2) covenants or restrictions prohibiting development,

(3) a purchase of development rights agreement,

(4) a transfer of development rights agreement, where the property

being conveyed has had its development rights removed,

(5) said real property is subject to the development restriction of an

agricultural district or individual commitment, pursuant to article

twenty-five-AA of the agriculture and markets law,

(6) real property subject to any locally adopted land preservation

agreement, provided said exemption is included in the local law imposing

the tax authorized by this article;

(k) Conveyances of real property, where the property is viable

agricultural land as defined in subdivision seven of section three

hundred one of the agriculture and markets law and the entire property

to be conveyed is to be made subject to one of the development

restrictions provided for in subparagraph two of paragraph (j) of this

subdivision provided that said development restriction precludes the

conversion of the property to a non-agricultural use for at least three

years from the date of transfer, and said development restriction is

evidenced by an easement, agreement, or other suitable instrument which

is to be conveyed to the town simultaneously with the conveyance of the

real property; or

(l) Conveyances of real property for open space, parks, or historic

preservation purposes to any not-for-profit tax exempt corporation

operated for conservation, environmental, or historic preservation

purposes.

3. An exemption of one hundred thousand dollars shall be allowed on

the consideration of the conveyance of improved real property or an

interest therein, and an exemption of fifty thousand dollars shall be

allowed on the consideration of the conveyance of unimproved real

property.

* NB Repealed December 31, 2050