S. 450 2
1. "PERSON" MEANS AN INDIVIDUAL, PARTNERSHIP, SOCIETY, ASSOCIATION,
JOINT STOCK COMPANY, CORPORATION, ESTATE, RECEIVER, TRUSTEE, ASSIGNEE,
REFEREE OR ANY OTHER PERSON ACTING IN A FIDUCIARY OR REPRESENTATIVE
CAPACITY, WHETHER APPOINTED BY A COURT OR OTHERWISE, ANY COMBINATION OF
INDIVIDUALS, AND ANY OTHER FORM OF UNINCORPORATED ENTERPRISE OWNED OR
CONDUCTED BY TWO OR MORE PERSONS.
2. "CONTROLLING INTEREST" MEANS (A) IN THE CASE OF A CORPORATION,
EITHER FIFTY PERCENT OR MORE OF THE TOTAL COMBINED VOTING POWER OF ALL
CLASSES OF STOCK OF SUCH CORPORATION, OR FIFTY PERCENT OR MORE OF THE
CAPITAL, PROFITS OR BENEFICIAL INTEREST IN SUCH VOTING STOCK OF SUCH
CORPORATION, AND (B) IN THE CASE OF A PARTNERSHIP, ASSOCIATION, TRUST OR
OTHER ENTITY, FIFTY PERCENT OR MORE OF THE CAPITAL, PROFITS OR BENEFI-
CIAL INTEREST IN SUCH PARTNERSHIP, ASSOCIATION, TRUST OR OTHER ENTITY.
3. "REAL PROPERTY" MEANS EVERY ESTATE OR RIGHT, LEGAL OR EQUITABLE,
PRESENT OR FUTURE, VESTED OR CONTINGENT, IN LANDS, TENEMENTS OR HEREDI-
TAMENTS, INCLUDING BUILDINGS, STRUCTURES AND OTHER IMPROVEMENTS THEREON,
WHICH ARE LOCATED IN WHOLE OR IN PART WITHIN THE COUNTY OF ESSEX. IT
SHALL NOT INCLUDE RIGHTS TO SEPULTURE.
4. "CONSIDERATION" MEANS THE PRICE ACTUALLY PAID OR REQUIRED TO BE
PAID FOR THE REAL PROPERTY OR INTEREST THEREIN, INCLUDING PAYMENT FOR AN
OPTION OR CONTRACT TO PURCHASE REAL PROPERTY, WHETHER OR NOT EXPRESSED
IN THE DEED AND WHETHER PAID OR REQUIRED TO BE PAID BY MONEY, PROPERTY,
OR ANY OTHER THING OF VALUE. IT SHALL INCLUDE THE CANCELLATION OR
DISCHARGE OF AN INDEBTEDNESS OR OBLIGATION. IT SHALL ALSO INCLUDE THE
AMOUNT OF ANY MORTGAGE, PURCHASE MONEY MORTGAGE, LIEN OR OTHER ENCUM-
BRANCE, WHETHER OR NOT THE UNDERLYING INDEBTEDNESS IS ASSUMED OR TAKEN
SUBJECT TO.
(A) IN THE CASE OF A CREATION OF A LEASEHOLD INTEREST OR THE GRANTING
OF AN OPTION WITH USE AND OCCUPANCY OF REAL PROPERTY, CONSIDERATION
SHALL INCLUDE, BUT NOT BE LIMITED TO, THE VALUE OF THE RENTAL AND OTHER
PAYMENTS ATTRIBUTABLE TO THE USE AND OCCUPANCY OF THE REAL PROPERTY OR
INTEREST THEREIN, THE VALUE OF ANY AMOUNT PAID FOR AN OPTION TO PURCHASE
OR RENEW AND THE VALUE OF RENTAL OR OTHER PAYMENTS ATTRIBUTABLE TO THE
EXERCISE OF ANY OPTION TO RENEW.
(B) IN THE CASE OF A CREATION OF A SUBLEASEHOLD INTEREST, CONSIDER-
ATION SHALL INCLUDE, BUT NOT BE LIMITED TO, THE VALUE OF THE SUBLEASE
RENTAL PAYMENTS ATTRIBUTABLE TO THE USE AND OCCUPANCY OF THE REAL PROP-
ERTY, THE VALUE OF ANY AMOUNT PAID FOR AN OPTION TO RENEW AND THE VALUE
OF RENTAL OR OTHER PAYMENTS ATTRIBUTABLE TO THE EXERCISE OF ANY OPTION
TO RENEW LESS THE VALUE OF THE REMAINING PRIME LEASE RENTAL PAYMENTS
REQUIRED TO BE MADE.
(C) IN THE CASE OF A CONTROLLING INTEREST IN ANY ENTITY THAT OWNS REAL
PROPERTY, CONSIDERATION SHALL MEAN THE FAIR MARKET VALUE OF THE REAL
PROPERTY OR INTEREST THEREIN, APPORTIONED BASED ON THE PERCENTAGE OF THE
OWNERSHIP INTEREST TRANSFERRED OR ACQUIRED IN THE ENTITY.
(D) IN THE CASE OF AN ASSIGNMENT OR SURRENDER OF A LEASEHOLD INTEREST
OR THE ASSIGNMENT OR SURRENDER OF AN OPTION OR CONTRACT TO PURCHASE REAL
PROPERTY, CONSIDERATION SHALL NOT INCLUDE THE VALUE OF THE REMAINING
RENTAL PAYMENTS REQUIRED TO BE MADE PURSUANT TO THE TERMS OF SUCH LEASE
OR THE AMOUNT TO BE PAID FOR THE REAL PROPERTY PURSUANT TO THE TERMS OF
THE OPTION OR CONTRACT BEING ASSIGNED OR SURRENDERED.
(E) IN THE CASE OF (1) THE ORIGINAL CONVEYANCE OF SHARES OF STOCK IN A
COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR TRANSFER
OF A PROPRIETARY LEASEHOLD BY THE COOPERATIVE CORPORATION OR COOPERATIVE
PLAN SPONSOR AND (2) THE SUBSEQUENT CONVEYANCE BY THE OWNER THEREOF OF
SUCH STOCK IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE
S. 450 3
GRANT OR TRANSFER OF A PROPRIETARY LEASEHOLD FOR A COOPERATIVE UNIT
OTHER THAN AN INDIVIDUAL RESIDENTIAL UNIT, CONSIDERATION SHALL INCLUDE A
PROPORTIONATE SHARE OF THE UNPAID PRINCIPAL OF ANY MORTGAGE ON THE REAL
PROPERTY OF THE COOPERATIVE HOUSING CORPORATION COMPRISING THE COOPER-
ATIVE DWELLING OR DWELLINGS. SUCH SHARE SHALL BE DETERMINED BY MULTIPLY-
ING THE TOTAL UNPAID PRINCIPAL OF THE MORTGAGE BY A FRACTION, THE NUMER-
ATOR OF WHICH SHALL BE THE NUMBER OF SHARES OF STOCK BEING CONVEYED IN
THE COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT OR
TRANSFER OF A PROPRIETARY LEASEHOLD AND THE DENOMINATOR OF WHICH SHALL
BE THE TOTAL NUMBER OF SHARES OF STOCK IN THE COOPERATIVE HOUSING CORPO-
RATION.
5. "CONVEYANCE" MEANS THE TRANSFER OR TRANSFERS OF ANY INTEREST IN
REAL PROPERTY BY ANY METHOD, INCLUDING BUT NOT LIMITED TO, SALE,
EXCHANGE, ASSIGNMENT, SURRENDER, MORTGAGE FORECLOSURE, TRANSFER IN LIEU
OF FORECLOSURE, OPTION, TRUST INDENTURE, TAKING BY EMINENT DOMAIN,
CONVEYANCE UPON LIQUIDATION OR BY A RECEIVER, OR TRANSFER OR ACQUISITION
OF A CONTROLLING INTEREST IN ANY ENTITY WITH AN INTEREST IN REAL PROPER-
TY. TRANSFER OF AN INTEREST IN REAL PROPERTY SHALL INCLUDE THE CREATION
OF A LEASEHOLD OR SUBLEASE ONLY WHERE (A) THE SUM OF THE TERM OF THE
LEASE OR SUBLEASE AND ANY OPTIONS FOR RENEWAL EXCEEDS FORTY-NINE YEARS,
(B) SUBSTANTIAL CAPITAL IMPROVEMENTS ARE OR MAY BE MADE BY OR FOR THE
BENEFIT OF THE LESSEE OR SUBLESSEE, AND (C) THE LEASE OR SUBLEASE IS FOR
SUBSTANTIALLY ALL OF THE PREMISES CONSTITUTING THE REAL PROPERTY.
NOTWITHSTANDING THE FOREGOING, CONVEYANCE OF REAL PROPERTY SHALL NOT
INCLUDE THE CREATION, MODIFICATION, EXTENSION, SPREADING, SEVERANCE,
CONSOLIDATION, ASSIGNMENT, TRANSFER, RELEASE OR SATISFACTION OF A MORT-
GAGE; A MORTGAGE SUBORDINATION AGREEMENT, A MORTGAGE SEVERANCE AGREE-
MENT, AN INSTRUMENT GIVEN TO PERFECT OR CORRECT A RECORDED MORTGAGE; OR
A RELEASE OF LIEN OF TAX PURSUANT TO THIS CHAPTER OR THE INTERNAL REVEN-
UE CODE.
6. "INTEREST IN THE REAL PROPERTY" INCLUDES TITLE IN FEE, A LEASEHOLD
INTEREST, A BENEFICIAL INTEREST, AN ENCUMBRANCE, DEVELOPMENT RIGHTS, AIR
SPACE AND AIR RIGHTS, OR ANY OTHER INTEREST WITH THE RIGHT TO USE OR
OCCUPANCY OF REAL PROPERTY OR THE RIGHT TO RECEIVE RENTS, PROFITS OR
OTHER INCOME DERIVED FROM REAL PROPERTY. IT SHALL ALSO INCLUDE AN OPTION
OR CONTRACT TO PURCHASE REAL PROPERTY. IT SHALL NOT INCLUDE A RIGHT OF
FIRST REFUSAL TO PURCHASE REAL PROPERTY.
7. "GRANTOR" MEANS THE PERSON MAKING THE CONVEYANCE OF REAL PROPERTY
OR INTEREST THEREIN. WHERE THE CONVEYANCE CONSISTS OF A TRANSFER OR AN
ACQUISITION OF A CONTROLLING INTEREST IN AN ENTITY WITH AN INTEREST IN
REAL PROPERTY, "GRANTOR" MEANS THE ENTITY WITH AN INTEREST IN REAL PROP-
ERTY OR A SHAREHOLDER OR PARTNER TRANSFERRING STOCK OR PARTNERSHIP
INTEREST.
8. "GRANTEE" MEANS THE PERSON WHO OBTAINS REAL PROPERTY OR INTEREST
THEREIN AS A RESULT OF A CONVEYANCE.
9. "RECORDING OFFICER" MEANS THE COUNTY CLERK OF THE COUNTY OF ESSEX.
10. "TREASURER" MEANS THE TREASURER OF THE COUNTY OF ESSEX.
S 1448-H. IMPOSITION OF TAX. NOTWITHSTANDING ANY OTHER PROVISIONS OF
LAW TO THE CONTRARY, THE COUNTY OF ESSEX, ACTING THROUGH ITS LOCAL
LEGISLATIVE BODY, IS HEREBY AUTHORIZED AND EMPOWERED TO ADOPT AND AMEND
LOCAL LAWS IMPOSING IN SUCH COUNTY A TAX ON EACH CONVEYANCE OF REAL
PROPERTY OR INTEREST THEREIN WHEN THE CONSIDERATION EXCEEDS FIVE HUNDRED
DOLLARS, AT THE RATE OF ONE DOLLAR FOR EACH FIVE HUNDRED DOLLARS OR
FRACTIONAL PART THEREOF. SUCH LOCAL LAW SHALL APPLY TO ANY CONVEYANCE
OCCURRING ON OR AFTER THE FIRST DAY OF A MONTH TO BE DESIGNATED BY SUCH
LEGISLATIVE BODY, WHICH IS NOT LESS THAN SIXTY DAYS AFTER THE ENACTMENT
S. 450 4
OF SUCH LOCAL LAWS, BUT SHALL NOT APPLY TO CONVEYANCES MADE ON OR AFTER
SUCH DATE PURSUANT TO BINDING WRITTEN CONTRACTS ENTERED INTO PRIOR TO
SUCH DATE, PROVIDED THAT THE DATE OF EXECUTION OF SUCH CONTRACT IS
CONFIRMED BY INDEPENDENT EVIDENCE SUCH AS THE RECORDING OF THE CONTRACT,
PAYMENT OF A DEPOSIT OR OTHER FACTS AND CIRCUMSTANCES AS DETERMINED BY
THE TREASURER.
S 1448-I. PAYMENT OF TAX. 1. THE REAL ESTATE TRANSFER TAX IMPOSED
PURSUANT TO THIS ARTICLE SHALL BE PAID TO THE TREASURER OR THE RECORDING
OFFICER ACTING AS THE AGENT OF THE TREASURER UPON DESIGNATION AS SUCH
AGENT BY THE TREASURER. SUCH TAX SHALL BE PAID AT THE SAME TIME AS THE
REAL ESTATE TRANSFER TAX IMPOSED BY ARTICLE THIRTY-ONE OF THIS CHAPTER
IS REQUIRED TO BE PAID. SUCH TREASURER OR RECORDING OFFICER SHALL
ENDORSE UPON EACH DEED OR INSTRUMENT EFFECTING A CONVEYANCE A RECEIPT
FOR THE AMOUNT OF THE TAX SO PAID.
2. A RETURN SHALL BE REQUIRED TO BE FILED WITH SUCH TREASURER OR
RECORDING OFFICER FOR PURPOSES OF THE REAL ESTATE TRANSFER TAX IMPOSED
PURSUANT TO THIS ARTICLE AT THE SAME TIME AS A RETURN IS REQUIRED TO BE
FILED FOR PURPOSES OF THE REAL ESTATE TRANSFER TAX IMPOSED BY ARTICLE
THIRTY-ONE OF THIS CHAPTER. THE RETURN, FOR PURPOSES OF THE REAL ESTATE
TRANSFER TAX IMPOSED PURSUANT TO THIS ARTICLE, SHALL BE A PHOTOCOPY OR
CARBON COPY OF THE REAL ESTATE TRANSFER TAX RETURN REQUIRED TO BE FILED
PURSUANT TO SECTION FOURTEEN HUNDRED NINE OF THIS CHAPTER. HOWEVER, WHEN
AN APPORTIONMENT IS REQUIRED TO BE MADE PURSUANT TO SECTION FOURTEEN
HUNDRED FORTY-EIGHT-S OF THIS ARTICLE, A SUPPLEMENTAL FORM SHALL ALSO BE
REQUIRED TO BE FILED. THE REAL ESTATE TRANSFER TAX RETURNS AND SUPPLE-
MENTAL FORMS REQUIRED TO BE FILED PURSUANT TO THIS SECTION SHALL BE
PRESERVED FOR THREE YEARS AND THEREAFTER UNTIL SUCH TREASURER OR RECORD-
ING OFFICER ORDERS THEM TO BE DESTROYED.
3. THE RECORDING OFFICER SHALL NOT RECORD AN INSTRUMENT EFFECTING A
CONVEYANCE UNLESS THE RETURN REQUIRED BY THIS SECTION HAS BEEN FILED AND
THE TAX IMPOSED PURSUANT TO THIS ARTICLE SHALL HAVE BEEN PAID AS
PROVIDED IN THIS SECTION.
S 1448-J. LIABILITY FOR TAX. 1. THE REAL ESTATE TRANSFER TAX SHALL BE
PAID BY THE GRANTOR. IF THE GRANTOR HAS FAILED TO PAY THE TAX IMPOSED
PURSUANT TO THIS ARTICLE OR IF THE GRANTOR IS EXEMPT FROM SUCH TAX, THE
GRANTEE SHALL HAVE THE DUTY TO PAY THE TAX. WHERE THE GRANTEE HAS THE
DUTY TO PAY THE TAX BECAUSE THE GRANTOR HAS FAILED TO PAY, SUCH TAX
SHALL BE THE JOINT AND SEVERAL LIABILITY OF THE GRANTOR AND THE GRANTEE.
2. FOR THE PURPOSE OF THE PROPER ADMINISTRATION OF THIS ARTICLE AND TO
PREVENT EVASION OF THE TAX HEREBY AUTHORIZED, IT SHALL BE PRESUMED THAT
ALL CONVEYANCES ARE TAXABLE. WHERE THE CONSIDERATION INCLUDES PROPERTY
OTHER THAN MONEY, IT SHALL BE PRESUMED THAT THE CONSIDERATION IS THE
FAIR MARKET VALUE OF THE REAL PROPERTY OR INTEREST THEREIN. THESE
PRESUMPTIONS SHALL PREVAIL UNTIL THE CONTRARY IS PROVEN, AND THE BURDEN
OF PROVING THE CONTRARY SHALL BE ON THE PERSON LIABLE FOR PAYMENT OF THE
TAX.
S 1448-K. EXEMPTIONS. 1. THE FOLLOWING SHALL BE EXEMPT FROM 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 AGREEMENT OR COMPACT WITH ANOTHER STATE
OR THE DOMINION OF CANADA).
(B) THE UNITED NATIONS, THE UNITED STATES OF AMERICA AND ANY OF ITS
AGENCIES AND INSTRUMENTALITIES.
THE EXEMPTION OF SUCH GOVERNMENTAL BODIES OR PERSONS SHALL NOT, HOWEV-
ER, RELIEVE A GRANTEE FROM THEM OF LIABILITY FOR THE TAX.
S. 450 5
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 OBLI-
GATION;
(C) CONVEYANCES WHICH, WITHOUT ADDITIONAL CONSIDERATION, CONFIRM,
CORRECT, MODIFY OR SUPPLEMENT A PRIOR CONVEYANCE;
(D) CONVEYANCES OF REAL PROPERTY WITHOUT CONSIDERATION AND OTHERWISE
THAN IN CONNECTION WITH A SALE, INCLUDING CONVEYANCES 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 OWNER-
SHIP, 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; AND
(J) CONVEYANCES OF AN OPTION OR CONTRACT TO PURCHASE REAL PROPERTY
WITH THE USE OR OCCUPANCY OF SUCH PROPERTY WHERE THE CONSIDERATION IS
LESS THAN TWO HUNDRED THOUSAND DOLLARS AND SUCH PROPERTY WAS USED SOLELY
BY THE GRANTOR AS HIS PERSONAL RESIDENCE AND CONSISTS OF A ONE, TWO OR
THREE-FAMILY HOUSE, AN INDIVIDUAL RESIDENTIAL CONDOMINIUM UNIT OR THE
SALE OF STOCK IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH
THE GRANT OR TRANSFER OF A PROPRIETARY LEASEHOLD COVERING AN INDIVIDUAL
RESIDENTIAL COOPERATIVE UNIT.
S 1448-L. CREDIT. A GRANTOR SHALL BE ALLOWED A CREDIT AGAINST THE TAX
DUE ON A CONVEYANCE OF REAL PROPERTY TO THE EXTENT TAX WAS PAID BY SUCH
GRANTOR ON A PRIOR CREATION OF A LEASEHOLD OF ALL OR A PORTION OF THE
SAME REAL PROPERTY OR ON THE GRANTING OF AN OPTION OR CONTRACT TO
PURCHASE ALL OR A PORTION OF THE SAME REAL PROPERTY, BY SUCH GRANTOR.
SUCH CREDIT SHALL BE COMPUTED BY MULTIPLYING THE TAX PAID ON THE
CREATION OF THE LEASEHOLD OR ON THE GRANTING OF THE OPTION OR CONTRACT
BY A FRACTION, THE NUMERATOR OF WHICH IS THE VALUE OF THE CONSIDERATION
USED TO COMPUTE SUCH TAX PAID WHICH IS NOT YET DUE TO SUCH GRANTOR ON
THE DATE OF THE SUBSEQUENT CONVEYANCE (AND WHICH SUCH GRANTOR WILL NOT
BE ENTITLED TO RECEIVE AFTER SUCH DATE), AND THE DENOMINATOR OF WHICH IS
THE TOTAL VALUE OF THE CONSIDERATION USED TO COMPUTE SUCH TAX PAID.
S 1448-M. COOPERATIVE HOUSING CORPORATION TRANSFERS. 1. NOTWITHSTAND-
ING THE DEFINITION OF "CONTROLLING INTEREST" CONTAINED IN SUBDIVISION
TWO OF SECTION FOURTEEN HUNDRED FORTY-EIGHT-G OF THIS ARTICLE OR
ANYTHING TO THE CONTRARY CONTAINED IN SUBDIVISION FIVE OF SECTION FOUR-
TEEN HUNDRED FORTY-EIGHT-G OF THIS ARTICLE, THE TAX IMPOSED PURSUANT TO
THIS ARTICLE SHALL APPLY TO (A) THE ORIGINAL CONVEYANCE OF SHARES OF
STOCK IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT
OR TRANSFER OF A PROPRIETARY LEASEHOLD BY THE COOPERATIVE CORPORATION OR
COOPERATIVE PLAN SPONSOR, AND (B) THE SUBSEQUENT CONVEYANCE OF SUCH
STOCK IN A COOPERATIVE HOUSING CORPORATION IN CONNECTION WITH THE GRANT
OR TRANSFER OF A PROPRIETARY LEASEHOLD BY THE OWNER THEREOF. WITH
RESPECT TO ANY SUCH SUBSEQUENT CONVEYANCE WHERE THE PROPERTY IS AN INDI-
S. 450 6
VIDUAL RESIDENTIAL UNIT, THE CONSIDERATION FOR THE INTEREST CONVEYED
SHALL EXCLUDE THE VALUE OF ANY LIENS ON CERTIFICATES OF STOCK OR OTHER
EVIDENCES OF AN OWNERSHIP INTEREST IN AND A PROPRIETARY LEASE FROM A
CORPORATION OR PARTNERSHIP FORMED FOR THE PURPOSE OF COOPERATIVE OWNER-
SHIP OF RESIDENTIAL INTEREST IN REAL ESTATE REMAINING THEREON AT THE
TIME OF CONVEYANCE. IN DETERMINING THE TAX ON A CONVEYANCE DESCRIBED IN
PARAGRAPH (A) OF THIS SUBDIVISION, A CREDIT SHALL BE ALLOWED FOR A
PROPORTIONATE PART OF THE AMOUNT OF ANY TAX PAID UPON THE CONVEYANCE TO
THE COOPERATIVE HOUSING CORPORATION OF THE REAL PROPERTY COMPRISING THE
COOPERATIVE DWELLING OR DWELLINGS TO THE EXTENT THAT SUCH CONVEYANCE
EFFECTUATED A MERE CHANGE OF IDENTITY OR FORM OF OWNERSHIP OF SUCH PROP-
ERTY AND NOT A CHANGE IN THE BENEFICIAL OWNERSHIP OF SUCH PROPERTY. THE
AMOUNT OF THE CREDIT SHALL BE DETERMINED BY MULTIPLYING THE AMOUNT OF
TAX PAID UPON THE CONVEYANCE TO THE COOPERATIVE HOUSING CORPORATION BY A
PERCENTAGE REPRESENTING THE EXTENT TO WHICH SUCH CONVEYANCE EFFECTUATED
A MERE CHANGE OF IDENTITY OR FORM OF OWNERSHIP AND NOT A CHANGE IN THE
BENEFICIAL OWNERSHIP OF SUCH PROPERTY, AND THEN MULTIPLYING THE RESULT-
ING PRODUCT BY A FRACTION, THE NUMERATOR OF WHICH SHALL BE THE NUMBER OF
SHARES OF STOCK CONVEYED IN A TRANSACTION DESCRIBED IN PARAGRAPH (A) OF
THIS SUBDIVISION AND THE DENOMINATOR OF WHICH SHALL BE THE TOTAL NUMBER
OF SHARES OF STOCK OF THE COOPERATIVE HOUSING CORPORATION (INCLUDING ANY
STOCK HELD BY THE CORPORATION). IN NO EVENT, HOWEVER, SHALL SUCH CREDIT
REDUCE THE TAX, ON A CONVEYANCE DESCRIBED IN PARAGRAPH (A) OF THIS
SUBDIVISION, BELOW ZERO, NOR SHALL ANY SUCH CREDIT BE ALLOWED FOR A TAX
PAID MORE THAN TWENTY-FOUR MONTHS PRIOR TO THE DATE ON WHICH OCCURS THE
FIRST IN A SERIES OF CONVEYANCES OF SHARES OF STOCK IN AN OFFERING OF
COOPERATIVE HOUSING CORPORATION SHARES DESCRIBED IN PARAGRAPH (A) OF
THIS SUBDIVISION.
2. EVERY COOPERATIVE HOUSING CORPORATION SHALL BE REQUIRED TO FILE AN
INFORMATION RETURN WITH THE TREASURER BY JULY FIFTEENTH OF EACH YEAR
COVERING THE PRECEDING PERIOD OF JANUARY FIRST THROUGH JUNE THIRTIETH
AND BY JANUARY FIFTEENTH OF EACH YEAR COVERING THE PRECEDING PERIOD OF
JULY FIRST THROUGH DECEMBER THIRTY-FIRST. THE RETURN SHALL CONTAIN SUCH
INFORMATION REGARDING THE CONVEYANCE OF SHARES OF STOCK IN THE COOPER-
ATIVE HOUSING CORPORATION AS THE TREASURER MAY DEEM NECESSARY, INCLUD-
ING, BUT NOT LIMITED TO, THE NAMES, ADDRESSES AND EMPLOYEE IDENTIFICA-
TION NUMBERS OR SOCIAL SECURITY NUMBERS OF THE GRANTOR AND THE GRANTEE,
THE NUMBER OF SHARES CONVEYED, THE DATE OF THE CONVEYANCE AND THE
CONSIDERATION PAID FOR SUCH CONVEYANCE.
S 1448-N. DESIGNATION OF AGENTS. THE TREASURER IS AUTHORIZED TO DESIG-
NATE THE RECORDING OFFICER TO ACT AS ITS AGENT FOR PURPOSES OF COLLECT-
ING THE TAX AUTHORIZED BY THIS ARTICLE. THE TREASURER SHALL PROVIDE FOR
THE MANNER IN WHICH SUCH PERSON MAY BE DESIGNATED AS ITS AGENT SUBJECT
TO SUCH TERMS AND CONDITIONS AS IT SHALL PRESCRIBE. THE REAL ESTATE
TRANSFER TAX SHALL BE PAID TO SUCH AGENT AS PROVIDED IN SECTION FOURTEEN
HUNDRED FORTY-EIGHT-I OF THIS ARTICLE.
S 1448-O. LIABILITY OF RECORDING OFFICER. A RECORDING OFFICER SHALL
NOT BE LIABLE FOR ANY INACCURACY IN THE AMOUNT OF TAX IMPOSED PURSUANT
TO THIS ARTICLE THAT HE OR SHE SHALL COLLECT SO LONG AS HE OR SHE SHALL
COMPUTE AND COLLECT SUCH TAX ON THE AMOUNT OF CONSIDERATION OR THE VALUE
OF THE INTEREST CONVEYED AS SUCH AMOUNTS ARE PROVIDED TO HIM OR HER BY
THE PERSON PAYING THE TAX.
S 1448-P. REFUNDS. WHENEVER THE TREASURER SHALL DETERMINE THAT ANY
MONEYS RECEIVED UNDER THE PROVISIONS OF THE LOCAL LAW ENACTED PURSUANT
TO THIS ARTICLE WERE PAID IN ERROR, IT MAY CAUSE SUCH MONEYS TO BE
REFUNDED PURSUANT TO SUCH RULES AND REGULATIONS IT MAY PRESCRIBE,
S. 450 7
PROVIDED ANY APPLICATION FOR SUCH REFUND IS FILED WITH THE TREASURER
WITHIN TWO YEARS FROM THE DATE THE ERRONEOUS PAYMENT WAS MADE.
S 1448-Q. DEPOSIT AND DISPOSITION OF REVENUE. ALL TAXES COLLECTED OR
RECEIVED BY THE TREASURER OR HIS DULY AUTHORIZED AGENT UNDER THE
PROVISIONS OF THE LOCAL LAW ENACTED PURSUANT TO THIS ARTICLE SHALL BE
DEPOSITED IN ACCORDANCE WITH PROVISIONS OF A LOCAL LAW ADOPTED BY THE
LEGISLATIVE BODY OF THE COUNTY OF ESSEX WHICH LOCAL LAW SHALL DESIGNATE
PROPER OFFICERS TO BE RESPONSIBLE FOR DEPOSIT OF REVENUE COLLECTED OR
RECEIVED UNDER THIS ARTICLE. SUCH LOCAL LAW SHALL ALSO PROVIDE THAT ANY
OFFICER DESIGNATED TO COLLECT, RECEIVE, OR DEPOSIT SUCH REVENUE SHALL
MAINTAIN A SYSTEM OF ACCOUNTS SHOWING THE REVENUE COLLECTED OR RECEIVED
FROM THE TAX IMPOSED PURSUANT TO THIS ARTICLE. SUCH LOCAL LAW SHALL ALSO
PROVIDE THAT ALL REVENUE DERIVED FROM THE IMPOSITION OF SUCH TAX SHALL
BE DEPOSITED INTO A SEPARATE ACCOUNT MAINTAINED BY THE COUNTY OF ESSEX
AND THE MONIES THEREIN SHALL BE DISBURSED EXCLUSIVELY FOR ANY AND ALL
COSTS, EXPENSES AND DEBT INCURRED BY SUCH COUNTY FOR THE ESTABLISHMENT
OF THE ESSEX COUNTY PUBLIC SAFETY RADIO COMMUNICATIONS SYSTEM; AND UPON
PAYMENT OF ALL SUCH COSTS, EXPENSES AND DEBT SHALL BE DEPOSITED INTO THE
GENERAL FUND OF THE COUNTY OF ESSEX.
S 1448-R. JUDICIAL REVIEW. 1. ANY FINAL DETERMINATION OF THE AMOUNT OF
ANY TAX PAYABLE UNDER SECTION FOURTEEN HUNDRED FORTY-EIGHT-I OF THIS
ARTICLE SHALL BE REVIEWABLE FOR ERROR, ILLEGALITY OR UNCONSTITUTIONALITY
OR ANY OTHER REASON WHATSOEVER BY A PROCEEDING UNDER ARTICLE
SEVENTY-EIGHT OF THE CIVIL PRACTICE LAW AND RULES IF APPLICATION THERE-
FOR IS MADE TO THE SUPREME COURT WITHIN FOUR MONTHS AFTER THE GIVING OF
THE NOTICE OF SUCH FINAL DETERMINATION, PROVIDED, HOWEVER, THAT ANY SUCH
PROCEEDING UNDER ARTICLE SEVENTY-EIGHT OF THE CIVIL PRACTICE LAW AND
RULES SHALL NOT BE INSTITUTED UNLESS (A) THE AMOUNT OF ANY TAX SOUGHT TO
BE REVIEWED, WITH SUCH INTEREST AND PENALTIES THEREON AS MAY BE PROVIDED
FOR BY LOCAL LAW SHALL BE FIRST DEPOSITED AND THERE IS FILED AN UNDER-
TAKING, ISSUED BY A SURETY COMPANY AUTHORIZED TO TRANSACT BUSINESS IN
THIS STATE AND APPROVED BY THE SUPERINTENDENT OF INSURANCE OF THIS STATE
AS TO SOLVENCY AND RESPONSIBILITY, IN SUCH AMOUNT AS A JUSTICE OF THE
SUPREME COURT SHALL APPROVE TO THE EFFECT THAT IF SUCH PROCEEDING BE
DISMISSED OR THE TAX CONFIRMED THE PETITIONER WILL PAY ALL COSTS AND
CHARGES WHICH MAY ACCRUE IN THE PROSECUTION OF SUCH PROCEEDING OR (B) AT
THE OPTION OF THE PETITIONER, SUCH UNDERTAKING MAY BE IN A SUM SUFFI-
CIENT TO COVER THE TAXES, INTEREST AND PENALTIES STATED IN SUCH DETERMI-
NATION, PLUS THE COSTS AND CHARGES WHICH MAY ACCRUE AGAINST IT IN THE
PROSECUTION OF THE PROCEEDING, IN WHICH EVENT THE PETITIONER SHALL NOT
BE REQUIRED TO PAY SUCH TAXES, INTEREST OR PENALTIES AS A CONDITION
PRECEDENT TO THE APPLICATION.
2. WHERE ANY TAX IMPOSED HEREUNDER SHALL HAVE BEEN ERRONEOUSLY, ILLE-
GALLY OR UNCONSTITUTIONALLY ASSESSED OR COLLECTED AND APPLICATION FOR
THE REFUND OR REVISION THEREOF DULY MADE TO THE PROPER FISCAL OFFICER OR
OFFICERS, AND SUCH OFFICER OR OFFICERS SHALL HAVE MADE A DETERMINATION
DENYING SUCH REFUND OR REVISION, SUCH DETERMINATION SHALL BE REVIEWABLE
BY A PROCEEDING UNDER ARTICLE SEVENTY-EIGHT OF THE CIVIL PRACTICE LAW
AND RULES; PROVIDED, HOWEVER, THAT (A) SUCH PROCEEDING IS INSTITUTED
WITHIN FOUR MONTHS AFTER THE GIVING OF THE NOTICE OF SUCH DENIAL, (B) A
FINAL DETERMINATION OF TAX DUE WAS NOT PREVIOUSLY MADE, AND (C) AN
UNDERTAKING IS FILED WITH THE PROPER FISCAL OFFICER OR OFFICERS IN SUCH
AMOUNT AND WITH SUCH SURETIES AS A JUSTICE OF THE SUPREME COURT SHALL
APPROVE TO THE EFFECT THAT IF SUCH PROCEEDING BE DISMISSED OR THE TAX
CONFIRMED, THE PETITIONER WILL PAY ALL COSTS AND CHARGES WHICH MAY
ACCRUE IN THE PROSECUTION OF SUCH PROCEEDING.
S. 450 8
S 1448-S. APPORTIONMENT. THE LOCAL LAW ADOPTED BY THE LEGISLATIVE BODY
OF THE COUNTY OF ESSEX SHALL PROVIDE FOR A METHOD OF APPORTIONMENT FOR
DETERMINING THE AMOUNT OF TAX DUE WHENEVER THE REAL PROPERTY OR INTEREST
THEREIN IS SITUATED WITHIN AND WITHOUT THE COUNTY OF ESSEX.
S 1448-T. MISCELLANEOUS. THE LOCAL LAW ADOPTED BY THE LEGISLATIVE BODY
OF THE COUNTY OF ESSEX MAY CONTAIN SUCH OTHER PROVISIONS AS SUCH LEGIS-
LATIVE BODY DEEMS NECESSARY FOR THE PROPER ADMINISTRATION OF THE TAX
IMPOSED PURSUANT TO THIS ARTICLE, INCLUDING PROVISIONS CONCERNING THE
DETERMINATION OF TAX, THE IMPOSITION OF INTEREST ON UNDERPAYMENTS AND
OVERPAYMENTS AND THE IMPOSITION OF CIVIL PENALTIES. SUCH PROVISIONS
SHALL BE IDENTICAL TO THE CORRESPONDING PROVISIONS OF THE REAL ESTATE
TRANSFER TAX IMPOSED BY ARTICLE THIRTY-ONE OF THIS CHAPTER, SO FAR AS
SUCH PROVISIONS CAN BE MADE APPLICABLE TO THE TAX IMPOSED PURSUANT TO
THIS ARTICLE.
S 1448-U. RETURNS TO BE SECRET. 1. EXCEPT IN ACCORDANCE WITH PROPER
JUDICIAL ORDER OR AS OTHERWISE PROVIDED BY LAW, IT SHALL BE UNLAWFUL FOR
THE TREASURER OR ANY OFFICER OR EMPLOYEE OF THE COUNTY OF ESSEX OR ANY
PERSON ENGAGED OR RETAINED BY SUCH COUNTY ON AN INDEPENDENT CONTRACT
BASIS TO DIVULGE OR MAKE KNOWN IN ANY MANNER THE PARTICULARS SET FORTH
OR DISCLOSED IN ANY RETURN REQUIRED UNDER A LOCAL LAW ENACTED PURSUANT
TO THIS ARTICLE. HOWEVER, THAT NOTHING IN THIS SECTION SHALL PROHIBIT
THE RECORDING OFFICER FROM MAKING A NOTATION ON AN INSTRUMENT EFFECTING
A CONVEYANCE INDICATING THE AMOUNT OF TAX PAID. NO RECORDED INSTRUMENT
EFFECTING A CONVEYANCE SHALL BE CONSIDERED A RETURN FOR PURPOSES OF THIS
SECTION.
2. THE OFFICERS CHARGED WITH THE CUSTODY OF SUCH RETURNS SHALL NOT BE
REQUIRED TO PRODUCE ANY OF THEM OR EVIDENCE OF ANYTHING CONTAINED IN
THEM IN ANY ACTION OR PROCEEDING IN ANY COURT, EXCEPT ON BEHALF OF THE
COUNTY IN ANY ACTION OR PROCEEDING INVOLVING THE COLLECTION OF A TAX DUE
UNDER A LOCAL LAW ENACTED PURSUANT TO THIS ARTICLE TO WHICH SUCH COUNTY
OR AN OFFICER OR EMPLOYEE OF SUCH COUNTY IS A PARTY OR A CLAIMANT, OR ON
BEHALF OF ANY PARTY TO ANY ACTION OR PROCEEDING UNDER THE PROVISIONS OF
A LOCAL LAW ENACTED PURSUANT TO THIS ARTICLE WHEN THE RETURNS OR FACTS
SHOWN THEREBY ARE DIRECTLY INVOLVED IN SUCH ACTION OR PROCEEDING, IN ANY
OF WHICH EVENTS THE COURT MAY REQUIRE THE PRODUCTION OF, AND MAY ADMIT
IN EVIDENCE, SO MUCH OF SAID RETURNS OR OF THE FACTS SHOWN THEREBY, AS
ARE PERTINENT TO THE ACTION OR PROCEEDING AND NO MORE.
3. NOTHING HEREIN SHALL BE CONSTRUED TO PROHIBIT THE DELIVERY TO A
GRANTOR OR GRANTEE OF AN INSTRUMENT EFFECTING A CONVEYANCE OR THE DULY
AUTHORIZED REPRESENTATIVE OF A GRANTOR OR GRANTEE OF A CERTIFIED COPY OF
ANY RETURN FILED IN CONNECTION WITH SUCH INSTRUMENT OR TO PROHIBIT THE
PUBLICATION OF STATISTICS SO CLASSIFIED AS TO PREVENT THE IDENTIFICATION
OF PARTICULAR RETURNS AND THE ITEMS THEREOF, OR THE INSPECTION BY THE
LEGAL REPRESENTATIVES OF SUCH COUNTY OF THE RETURN OF ANY TAXPAYER WHO
SHALL BRING ACTION TO SET ASIDE OR REVIEW THE TAX BASED THEREON.
4. ANY OFFICER OR EMPLOYEE OF SUCH COUNTY WHO WILLFULLY VIOLATES THE
PROVISIONS OF THIS SECTION SHALL BE DISMISSED FROM OFFICE AND BE INCAPA-
BLE OF HOLDING ANY PUBLIC OFFICE IN THIS STATE FOR A PERIOD OF FIVE
YEARS THEREAFTER.
S 2. This act shall take effect immediately.