N.Y. Tax Law § 1564: Exemptions

§ 1564. Exemptions. 1. The following shall be exempt from the payment

of the 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 open space easement,

(2) covenants or restrictions prohibiting development where the

property being conveyed has had its development rights permanently

removed,

(3) a purchase of development rights agreement where the property

being conveyed has had its development rights permanently removed,

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

being conveyed has had its development rights permanently removed, or

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

agreement; provided that the municipal legislative body exempts from the

tax those conveyances subject to such development restriction in the

local law adopted pursuant to 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 paragraph (j) of this subdivision; provided

that such development restriction precludes the conversion of the

property to a non-agricultural use for at least eight years from the

date of transfer, and that said development restriction is evidenced by

an easement, agreement, or other suitable instrument which is to be

conveyed to the municipality 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, parks or historic preservation

purposes.

3. An exemption from the tax which is equal to the median sales price

of residential real property within the applicable town or city, as

determined by the commissioner, shall be allowed on the consideration of

the conveyance of improved or unimproved real property or an interest

therein.