S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9766
 
                             I N  S E N A T E
 
                               May 29, 2024
                                ___________
 
 Introduced  by  Sen.  WEBER  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT to amend the town law, in relation to  authorizing  the  town  of
   Orangetown,  county  of  Rockland  to establish community preservation
   funds; to amend the tax law, in relation to authorizing  the  town  of
   Orangetown  to  impose a real estate transfer tax with revenues there-
   from to be deposited in said community preservation fund; and  provid-
   ing for the repeal of certain provisions upon expiration thereof
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The town law is amended by adding a  new  section  64-l  to
 read as follows:
   §  64-L.  TOWN  OF  ORANGETOWN  PRESERVATION FUNDS. 1. AS USED IN THIS
 SECTION, THE FOLLOWING WORDS AND TERMS SHALL HAVE  THE  FOLLOWING  MEAN-
 INGS:
   (A) "TOWN" MEANS THE TOWN OF ORANGETOWN.
   (B)  "COMMUNITY  PRESERVATION"  SHALL  MEAN  AND  INCLUDE  ANY  OF THE
 PURPOSES OUTLINED IN SUBDIVISION FIVE OF THIS SECTION.
   (C) "BOARD" MEANS THE ADVISORY BOARD REQUIRED PURSUANT TO  SUBDIVISION
 SIX OF THIS SECTION.
   (D)  "FUND"  MEANS THE COMMUNITY PRESERVATION FUND CREATED PURSUANT TO
 SUBDIVISION TWO OF THIS SECTION.
   (E) "TAX" SHALL MEAN THE REAL ESTATE TRANSFER TAX IMPOSED PURSUANT  TO
 SECTION  FOURTEEN  HUNDRED  THIRTY-NINE-BBB  OF  THE  TAX LAW OR, IF THE
 CONTEXT CLEARLY INDICATES, SHALL  MEAN  THE  REAL  ESTATE  TRANSFER  TAX
 IMPOSED PURSUANT TO ARTICLE THIRTY-ONE OF THE TAX LAW.
   2. THE TOWN BOARD OF THE TOWN OF ORANGETOWN IS AUTHORIZED TO ESTABLISH
 BY LOCAL LAW A COMMUNITY PRESERVATION FUND PURSUANT TO THE PROVISIONS OF
 THIS  SECTION.  DEPOSITS INTO THE FUND MAY INCLUDE REVENUES OF THE LOCAL
 GOVERNMENT FROM WHATEVER SOURCE AND SHALL INCLUDE,  AT  A  MINIMUM,  ALL
 REVENUES FROM A TAX IMPOSED UPON THE TRANSFER OF REAL PROPERTY INTERESTS
 IN  SUCH  TOWN PURSUANT TO ARTICLE THIRTY-ONE-A-FOUR OF THE TAX LAW. THE
 FUND SHALL ALSO BE AUTHORIZED TO ACCEPT GIFTS OF ANY SUCH  INTERESTS  IN
 LAND  OR  OF  FUNDS.  INTEREST ACCRUED BY MONIES DEPOSITED INTO THE FUND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD09270-06-4
 S. 9766                             2
 
 SHALL BE CREDITED TO THE FUND. IN NO EVENT SHALL MONIES DEPOSITED IN THE
 FUND BE TRANSFERRED TO ANY OTHER  ACCOUNT.  NOTHING  CONTAINED  IN  THIS
 SECTION SHALL BE CONSTRUED TO PREVENT THE FINANCING IN WHOLE OR IN PART,
 PURSUANT  TO THE LOCAL FINANCE LAW, OF ANY ACQUISITION AUTHORIZED PURSU-
 ANT TO THIS SECTION. MONIES FROM THE FUND MAY BE UTILIZED TO  REPAY  ANY
 INDEBTEDNESS  OR  OBLIGATIONS INCURRED PURSUANT TO THE LOCAL FINANCE LAW
 CONSISTENT WITH EFFECTUATING THE PURPOSES OF THIS SECTION.
   3. THE PURPOSES OF THE FUND SHALL BE EXCLUSIVELY: (A) TO  IMPLEMENT  A
 PLAN  FOR  THE  PRESERVATION  OF COMMUNITY CHARACTER AS REQUIRED BY THIS
 SECTION, (B) TO ACQUIRE INTERESTS OR RIGHTS IN  REAL  PROPERTY  FOR  THE
 PRESERVATION  OF  COMMUNITY CHARACTER WITHIN THE TOWN INCLUDING VILLAGES
 THEREIN IN ACCORDANCE WITH SUCH PLAN AND  IN  COOPERATION  WITH  WILLING
 SELLERS,  (C)  TO ESTABLISH A BANK PURSUANT TO A TRANSFER OF DEVELOPMENT
 RIGHTS PROGRAM CONSISTENT WITH SECTION TWO HUNDRED SIXTY-ONE-A  OF  THIS
 CHAPTER,  AND  (D)  TO  PROVIDE A MANAGEMENT AND STEWARDSHIP PROGRAM FOR
 SUCH INTERESTS AND  RIGHTS  CONSISTENT  WITH  SUBDIVISION  TEN  OF  THIS
 SECTION  AND IN ACCORDANCE WITH SUCH PLAN DESIGNED TO PRESERVE COMMUNITY
 CHARACTER. NOT MORE THAN TEN PERCENT OF THE FUND SHALL BE  UTILIZED  FOR
 THE MANAGEMENT AND STEWARDSHIP PROGRAM.
   4.  IF  THE IMPLEMENTATION OF THE COMMUNITY PRESERVATION PROJECT PLAN,
 ADOPTED BY THE TOWN BOARD, AS PROVIDED  IN  SUBDIVISION  SEVEN  OF  THIS
 SECTION,  HAS  BEEN  COMPLETED,  AND  FUNDS ARE NO LONGER NEEDED FOR THE
 PURPOSES OUTLINED IN THIS SUBDIVISION, THEN ANY REMAINING MONIES IN  THE
 FUND  SHALL  BE APPLIED TO REDUCE ANY BONDED INDEBTEDNESS OR OBLIGATIONS
 INCURRED TO EFFECTUATE THE PURPOSES OF THIS SECTION.
   5. PRESERVATION OF COMMUNITY CHARACTER SHALL INVOLVE ONE  OR  MORE  OF
 THE FOLLOWING:
   (A) PRESERVATION OF OPEN SPACE;
   (B) ESTABLISHMENT OF PARKS, NATURE PRESERVES, OR RECREATION AREAS;
   (C)  PRESERVATION  OF  LAND WHICH IS PREDOMINANTLY VIABLE AGRICULTURAL
 LAND, AS DEFINED IN SUBDIVISION SEVEN OF SECTION THREE  HUNDRED  ONE  OF
 THE  AGRICULTURE  AND  MARKETS LAW, OR UNIQUE AND IRREPLACEABLE AGRICUL-
 TURAL LAND, AS DEFINED IN SUBDIVISION SIX OF SECTION THREE  HUNDRED  ONE
 OF THE AGRICULTURE AND MARKETS LAW;
   (D) PRESERVATION OF FRESHWATER MARSHES OR OTHER WETLANDS;
   (E) PRESERVATION OF AQUIFER RECHARGE AREAS;
   (F) PRESERVATION OF UNDEVELOPED BEACH-LANDS OR SHORELINE;
   (G)  ESTABLISHMENT  OF WILDLIFE REFUGES FOR THE PURPOSE OF MAINTAINING
 NATIVE ANIMAL SPECIES DIVERSITY, INCLUDING  THE  PROTECTION  OF  HABITAT
 ESSENTIAL TO THE RECOVERY OF RARE, THREATENED OR ENDANGERED SPECIES;
   (H) PRESERVATION OF UNIQUE OR THREATENED ECOLOGICAL AREAS;
   (I)  PRESERVATION OF RIVERS AND RIVER AREAS IN A NATURAL, FREE-FLOWING
 CONDITION;
   (J) PRESERVATION OF FORESTED LAND;
   (K) PRESERVATION OF PUBLIC ACCESS TO LANDS FOR  PUBLIC  USE  INCLUDING
 STREAM RIGHTS AND WATERWAYS;
   (L)  PRESERVATION  OF HISTORIC PLACES AND PROPERTIES LISTED ON THE NEW
 YORK STATE REGISTER OF HISTORIC PLACES AND/OR PROTECTED UNDER A  MUNICI-
 PAL HISTORIC PRESERVATION ORDINANCE OR LAW;
   (M) UNDERTAKING ANY OF THE PURPOSES OF THIS SUBDIVISION IN FURTHERANCE
 OF THE ESTABLISHMENT OF A GREENBELT; AND
   (N) PRESERVATION OF LAND OF EXCEPTIONAL SCENIC VALUE.
   6.  THE TOWN BOARD WHICH HAS ESTABLISHED A COMMUNITY PRESERVATION FUND
 SHALL CREATE AN ADVISORY BOARD TO REVIEW  AND  MAKE  RECOMMENDATIONS  ON
 PROPOSED  ACQUISITIONS  OF  INTERESTS IN REAL PROPERTY USING MONIES FROM
 THE FUND. SUCH BOARD SHALL CONSIST OF FIVE OR SEVEN LEGAL  RESIDENTS  OF
 S. 9766                             3
 
 THE  MUNICIPALITY WHO SHALL SERVE WITHOUT COMPENSATION. NO MEMBER OF THE
 LOCAL LEGISLATIVE BODY SHALL SERVE ON  THE  BOARD.  A  MAJORITY  OF  THE
 MEMBERS  OF  THE BOARD SHALL HAVE DEMONSTRATED EXPERIENCE WITH CONSERVA-
 TION OR LAND PRESERVATION ACTIVITIES. THE BOARD SHALL ACT IN AN ADVISORY
 CAPACITY  TO  THE TOWN BOARD.  AT LEAST ONE MEMBER OF THE BOARD SHALL BE
 AN ACTIVE FARMER.  BOARD MEMBERS' TERMS SHALL BE STAGGERED.
   7. THE TOWN BOARD WHICH HAS ESTABLISHED A COMMUNITY PRESERVATION  FUND
 SHALL,  BY  LOCAL LAW, ADOPT A COMMUNITY PRESERVATION PROJECT PLAN. SUCH
 PLAN SHALL LIST EVERY PROJECT WHICH THE TOWN PLANS TO UNDERTAKE PURSUANT
 TO THE COMMUNITY PRESERVATION FUND.   SUCH  PLAN  SHALL  PROVIDE  FOR  A
 DETAILED  EVALUATION  OF  ALL AVAILABLE LAND USE ALTERNATIVES TO PROTECT
 COMMUNITY CHARACTER, INCLUDING BUT NOT LIMITED TO: (A) FEE SIMPLE ACQUI-
 SITION, (B) ZONING REGULATIONS, INCLUDING  DENSITY  REDUCTIONS,  CLUSTER
 DEVELOPMENT,  AND  SITE  PLAN  AND  DESIGN REQUIREMENTS, (C) TRANSFER OF
 DEVELOPMENT RIGHTS, (D) THE PURCHASE  OF  DEVELOPMENT  RIGHTS,  AND  (E)
 SCENIC  AND CONSERVATION EASEMENTS. SAID EVALUATION SHALL BE AS SPECIFIC
 AS PRACTICABLE AS TO EACH PARCEL SELECTED FOR INCLUSION  IN  SUCH  PLAN.
 SUCH  PLAN  SHALL  ESTABLISH  THE PRIORITIES FOR PRESERVATION, AND SHALL
 INCLUDE THE PRESERVATION OF FARMLAND AS ITS  HIGHEST  PRIORITY.    FUNDS
 FROM  THE  COMMUNITY PRESERVATION FUND MAY ONLY BE EXPENDED FOR PROJECTS
 WHICH HAVE BEEN INCLUDED IN SUCH PLAN. SUCH PLAN SHALL  BE  UPDATED  NOT
 LESS  THAN  ONCE  EVERY FIVE YEARS, BUT IN NO EVENT UNTIL AT LEAST THREE
 YEARS AFTER THE ADOPTION OF THE ORIGINAL PLAN. A COPY OF SUCH PLAN SHALL
 BE FILED WITH THE TOWN CLERK, THE COMMISSIONER OF ENVIRONMENTAL  CONSER-
 VATION, THE COMMISSIONER OF AGRICULTURE AND MARKETS AND THE COMMISSIONER
 OF  THE OFFICE OF PARKS, RECREATION AND HISTORIC PRESERVATION. SUCH PLAN
 SHALL BE COMPLETED AT LEAST SIXTY DAYS  BEFORE  THE  SUBMISSION  OF  THE
 MANDATORY  REFERENDUM  REQUIRED BY SECTION FOURTEEN HUNDRED THIRTY-NINE-
 BBB OF THE TAX LAW. IF AT THE TIME OF REFERENDUM, THE TOWN SHALL HAVE IN
 PLACE AN ADOPTED OPEN SPACE PLAN, SUCH PLAN SHALL BE  DEEMED  SUFFICIENT
 TO  WAIVE  THE  PRESERVATION  PLAN REQUIREMENTS OF THIS SUBDIVISION. ANY
 MONIES EXPENDED FROM THE COMMUNITY PRESERVATION PLAN SHALL,  HOWEVER  BE
 CONSISTENT  WITH THE PURPOSES OUTLINED IN SUBDIVISIONS THREE AND FIVE OF
 THIS SECTION AND WITH THE OPEN SPACE PLAN FOR A  PERIOD  NOT  TO  EXCEED
 TWELVE MONTHS.
   8.  THE TOWN BOARD WHICH HAS ESTABLISHED A COMMUNITY PRESERVATION FUND
 PURSUANT TO THIS SECTION MAY STUDY AND CONSIDER ESTABLISHING A  TRANSFER
 OF DEVELOPMENT RIGHTS PROGRAM TO PROTECT COMMUNITY CHARACTER AS PROVIDED
 FOR  BY  SECTION TWO HUNDRED SIXTY-ONE-A OF THIS CHAPTER. ALL PROVISIONS
 OF SUCH SECTION TWO HUNDRED SIXTY-ONE-A SHALL BE COMPLIED  WITH.  IF  AT
 ANY  TIME  DURING THE LIFE OF THE COMMUNITY PRESERVATION FUND A TRANSFER
 OF DEVELOPMENT RIGHTS PROGRAM  IS  ESTABLISHED,  THE  TOWN  MAY  UTILIZE
 MONIES  FROM THE COMMUNITY PRESERVATION FUND IN ORDER TO CREATE AND FUND
 A CENTRAL BANK OF THE TRANSFER OF DEVELOPMENT RIGHTS PROGRAM. IF AT  ANY
 TIME  DURING  THE LIFE OF THE COMMUNITY PRESERVATION FUND, A TRANSFER OF
 DEVELOPMENT RIGHTS PROGRAM IS REPEALED BY THE TOWN, ALL MONIES FROM  THE
 CENTRAL BANK SHALL BE RETURNED TO THE COMMUNITY PRESERVATION FUND.
   9.  NO INTERESTS OR RIGHTS IN REAL PROPERTY SHALL BE ACQUIRED PURSUANT
 TO THIS SECTION UNTIL A PUBLIC HEARING IS HELD AS  REQUIRED  BY  SECTION
 TWO HUNDRED FORTY-SEVEN OF THE GENERAL MUNICIPAL LAW; PROVIDED, HOWEVER,
 THAT  NOTHING  HEREIN  SHALL PREVENT THE TOWN BOARD FROM ENTERING INTO A
 CONDITIONAL PURCHASE AGREEMENT BEFORE A  PUBLIC  HEARING  IS  HELD.  ANY
 RESOLUTION  OF  THE  TOWN  BOARD  APPROVING  AN ACQUISITION OF RIGHTS OR
 INTEREST IN REAL PROPERTY PURSUANT TO  THIS  SECTION,  SHALL  FIND  THAT
 ACQUISITION  WAS  THE  BEST  ALTERNATIVE FOR THE PROTECTION OF COMMUNITY
 CHARACTER OF ALL THE REASONABLE ALTERNATIVES AVAILABLE TO THE TOWN.
 S. 9766                             4
 
   10. RIGHTS OR INTEREST IN REAL  PROPERTY  ACQUIRED  PURSUANT  TO  THIS
 SECTION  SHALL  BE ADMINISTERED AND MANAGED IN A MANNER WHICH (A) ALLOWS
 PUBLIC USE AND ENJOYMENT  IN  A  MANNER  COMPATIBLE  WITH  THE  NATURAL,
 SCENIC,  HISTORIC  AND OPEN SPACE CHARACTER OF SUCH LANDS; (B) PRESERVES
 THE  NATIVE  BIOLOGICAL DIVERSITY OF SUCH LANDS; (C) WITH REGARD TO OPEN
 SPACES, LIMITS IMPROVEMENTS TO ENHANCING ACCESS FOR PASSIVE USE OF  SUCH
 LANDS  SUCH  AS NATURE TRAILS, BOARDWALKS, BICYCLE PATHS, AND PERIPHERAL
 PARKING AREAS PROVIDED THAT SUCH IMPROVEMENTS DO NOT DEGRADE THE ECOLOG-
 ICAL VALUE OF THE LAND OR THREATEN ESSENTIAL WILDLIFE HABITAT;  AND  (D)
 PRESERVES  CULTURAL  PROPERTY  CONSISTENT  WITH  ACCEPTED  STANDARDS FOR
 HISTORIC PRESERVATION.   NOTWITHSTANDING ANY  OTHER  PROVISION  OF  THIS
 SUBDIVISION  THERE SHALL BE NO RIGHT TO PUBLIC USE AND ENJOYMENT OF LAND
 USED IN CONJUNCTION WITH A FARM  OPERATION  AS  DEFINED  BY  SUBDIVISION
 ELEVEN  OF SECTION THREE HUNDRED ONE OF THE AGRICULTURE AND MARKETS LAW.
 IN FURTHERING THE PURPOSES OF THIS SECTION,  THE  TOWN  MAY  ENTER  INTO
 AGREEMENTS  WITH  CORPORATIONS ORGANIZED UNDER THE NOT-FOR-PROFIT CORPO-
 RATION LAW AND ENGAGE IN LAND TRUST ACTIVITIES TO MANAGE LANDS INCLUDING
 LESS THAN FEE INTERESTS ACQUIRED PURSUANT  TO  THE  PROVISIONS  OF  THIS
 SECTION, PROVIDED THAT ANY SUCH AGREEMENT SHALL CONTAIN A PROVISION THAT
 SUCH  CORPORATION  SHALL  KEEP THE LANDS ACCESSIBLE TO THE PUBLIC UNLESS
 SUCH CORPORATION SHALL DEMONSTRATE TO THE SATISFACTION OF THE TOWN  THAT
 PUBLIC  ACCESSIBILITY  WOULD  BE DETRIMENTAL TO THE LANDS OR ANY NATURAL
 RESOURCES ASSOCIATED THEREWITH.
   11. RIGHTS OR INTERESTS IN REAL PROPERTY  ACQUIRED  WITH  MONIES  FROM
 SUCH  FUND  SHALL  NOT BE SOLD, LEASED, EXCHANGED, DONATED, OR OTHERWISE
 DISPOSED OF OR USED FOR  OTHER  THAN  THE  PURPOSES  PERMITTED  BY  THIS
 SECTION  WITHOUT  THE  EXPRESS AUTHORITY OF AN ACT OF THE STATE LEGISLA-
 TURE, WHICH SHALL PROVIDE FOR THE SUBSTITUTION OF OTHER LANDS  OF  EQUAL
 ENVIRONMENTAL  VALUE  AND  FAIR  MARKET  VALUE AND REASONABLY EQUIVALENT
 USEFULNESS AND LOCATION TO THOSE TO BE DISCONTINUED,  SOLD  OR  DISPOSED
 OF, AND SUCH OTHER REQUIREMENTS AS SHALL BE APPROVED BY THE STATE LEGIS-
 LATURE. ANY CONSERVATION EASEMENTS, CREATED UNDER TITLE THREE OF ARTICLE
 FORTY-NINE  OF  THE  ENVIRONMENTAL  CONSERVATION LAW, WHICH ARE ACQUIRED
 WITH MONIES FROM SUCH FUND MAY  ONLY  BE  MODIFIED  OR  EXTINGUISHED  AS
 PROVIDED  IN SECTION 49-0307 OF SUCH LAW.  NOTHING IN THIS SECTION SHALL
 PRECLUDE  THE  TOWN,  BY  LOCAL  LAW,   FROM   ESTABLISHING   ADDITIONAL
 RESTRICTIONS  TO  THE  ALIENATION  OF  LANDS  ACQUIRED  PURSUANT TO THIS
 SECTION. THIS SUBDIVISION SHALL NOT APPLY TO  THE  SALE  OF  DEVELOPMENT
 RIGHTS BY THE TOWN ACQUIRED PURSUANT TO THIS SECTION, WHERE SAID SALE IS
 MADE  BY  A  CENTRAL BANK CREATED BY THE TOWN, PURSUANT TO A TRANSFER OF
 DEVELOPMENT RIGHTS PROGRAM ESTABLISHED BY THE TOWN PURSUANT  TO  SECTION
 TWO  HUNDRED SIXTY-ONE-A OF THIS CHAPTER, PROVIDED, HOWEVER THAT (A) THE
 LANDS FROM WHICH SAID DEVELOPMENT  RIGHTS  WERE  ACQUIRED  SHALL  REMAIN
 PRESERVED  IN  PERPETUITY  BY A PERMANENT CONSERVATION EASEMENT OR OTHER
 INSTRUMENT THAT SIMILARLY PRESERVES THE COMMUNITY  CHARACTER  REFERENCED
 IN SUBDIVISION FIVE OF THIS SECTION, AND (B) THE PROCEEDS FROM SUCH SALE
 SHALL BE DEPOSITED IN THE COMMUNITY PRESERVATION FUND.
   §  2. The tax law is amended by adding a new article 31-A-4 to read as
 follows:
                              ARTICLE 31-A-4
          TAX ON REAL ESTATE TRANSFERS IN THE TOWN OF ORANGETOWN
 SECTION 1439-AAA. DEFINITIONS.
         1439-BBB. IMPOSITION OF TAX.
         1439-CCC. PAYMENT OF TAX.
         1439-DDD. LIABILITY FOR TAX.
         1439-EEE. EXEMPTIONS.
 S. 9766                             5
 
         1439-FFF. CREDIT.
         1439-GGG. COOPERATIVE HOUSING CORPORATION TRANSFERS.
         1439-HHH. DESIGNATION OF AGENTS.
         1439-III. LIABILITY OF RECORDING OFFICER.
         1439-JJJ. REFUNDS.
         1439-KKK. DEPOSIT AND DISPOSITION OF REVENUE.
         1439-LLL. JUDICIAL REVIEW.
         1439-MMM. APPORTIONMENT.
         1439-NNN. MISCELLANEOUS.
         1439-OOO. RETURNS TO BE SECRET.
         1439-PPP. FORECLOSURE PROCEEDINGS.
   §  1439-AAA.  DEFINITIONS. WHEN USED IN THIS ARTICLE, UNLESS OTHERWISE
 EXPRESSLY STATED, THE FOLLOWING WORDS AND TERMS SHALL HAVE THE FOLLOWING
 MEANINGS:
   1. "PERSON" MEANS AN INDIVIDUAL, PARTNERSHIP, LIMITED LIABILITY COMPA-
 NY, 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 UNIN-
 CORPORATED 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 TOWN OF ORANGETOWN. 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.
 S. 9766                             6

   (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
 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  MULTI-
 PLYING  THE  TOTAL  UNPAID  PRINCIPAL OF THE MORTGAGE BY A FRACTION, THE
 NUMERATOR 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 A CONVEYANCE MADE PURSUANT TO DEVISE,  BEQUEST  OR  INHERITANCE;
 THE  CREATION,  MODIFICATION,  EXTENSION,  SPREADING, SEVERANCE, CONSOL-
 IDATION, ASSIGNMENT, TRANSFER, RELEASE OR SATISFACTION OF A MORTGAGE;  A
 MORTGAGE  SUBORDINATION  AGREEMENT,  A  MORTGAGE SEVERANCE AGREEMENT, AN
 INSTRUMENT GIVEN TO PERFECT OR CORRECT A RECORDED MORTGAGE; OR A RELEASE
 OF LIEN OF TAX PURSUANT TO THIS CHAPTER OR THE INTERNAL REVENUE 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-
 S. 9766                             7
 
 ERTY  OR  A  SHAREHOLDER  OR  PARTNER  TRANSFERRING STOCK OR PARTNERSHIP
 INTEREST, RESPECTIVELY.
   8.  "GRANTEE"  MEANS  THE PERSON WHO OBTAINS REAL PROPERTY OR INTEREST
 THEREIN AS A RESULT OF A CONVEYANCE.
   9. "FUND" MEANS A COMMUNITY  PRESERVATION  FUND  CREATED  PURSUANT  TO
 SECTION SIXTY-FOUR-L OF THE TOWN LAW.
   10.  "RECORDING OFFICER" MEANS THE COUNTY CLERK OF THE COUNTY OF ROCK-
 LAND.
   11. "TOWN" MEANS THE TOWN OF ORANGETOWN, COUNTY OF ROCKLAND.
   12. "TREASURER" MEANS THE TREASURER OF THE COUNTY OF ROCKLAND.
   13. "TOWN SUPERVISOR" MEANS THE TOWN SUPERVISOR OF THE TOWN OF ORANGE-
 TOWN.
   14. "TAX" SHALL MEAN THE REAL ESTATE TRANSFER TAX IMPOSED PURSUANT  TO
 SECTION  FOURTEEN  HUNDRED  THIRTY-NINE-BBB  OF  THIS ARTICLE OR, IF THE
 CONTEXT CLEARLY INDICATES, SHALL  MEAN  THE  REAL  ESTATE  TRANSFER  TAX
 IMPOSED PURSUANT TO ARTICLE THIRTY-ONE OF THIS CHAPTER.
   15.  "RESIDENTIAL  REAL  PROPERTY"  MEANS  PROPERTY WHICH SATISFIES AT
 LEAST ONE OF THE FOLLOWING CONDITIONS:
   (A) THE PROPERTY CLASSIFICATION CODE ASSIGNED TO THE PROPERTY  ON  THE
 LATEST  FINAL  ASSESSMENT ROLL, AS REPORTED ON THE TRANSFER REPORT FORM,
 INDICATES THAT THE PROPERTY IS A ONE, TWO OR  THREE  FAMILY  HOME  OR  A
 RURAL RESIDENCE; OR
   (B)  THE  TRANSFER REPORT INDICATES THAT THE PROPERTY IS A ONE, TWO OR
 THREE FAMILY RESIDENTIAL PROPERTY THAT HAS  BEEN  NEWLY  CONSTRUCTED  ON
 VACANT LAND; OR
   (C) THE TRANSFER REPORT FORM INDICATES THAT THE PROPERTY IS A RESIDEN-
 TIAL CONDOMINIUM.
   § 1439-BBB. IMPOSITION OF TAX. NOTWITHSTANDING ANY OTHER PROVISIONS OF
 LAW  TO  THE  CONTRARY,  THE TOWN OF ORANGETOWN, ACTING THROUGH ITS TOWN
 BOARD, IS HEREBY AUTHORIZED AND EMPOWERED TO ADOPT A LOCAL LAW  IMPOSING
 IN SUCH TOWN A TAX ON EACH CONVEYANCE OF REAL PROPERTY OR INTEREST THER-
 EIN  NOT  TO  EXCEED  A  MAXIMUM OF THREE-QUARTERS OF ONE PERCENT OF THE
 CONSIDERATION FOR SUCH CONVEYANCE, SUBJECT TO THE EXEMPTIONS  SET  FORTH
 IN  SECTION  FOURTEEN  HUNDRED THIRTY-NINE-EEE OF THIS ARTICLE; ANY SUCH
 LOCAL LAW SHALL FIX THE RATE OF SUCH TAX. PROVIDED,  HOWEVER,  ANY  SUCH
 LOCAL LAW IMPOSING, REPEALING OR REIMPOSING SUCH TAX SHALL BE SUBJECT TO
 A MANDATORY REFERENDUM PURSUANT TO SECTION TWENTY-THREE OF THE MUNICIPAL
 HOME  RULE LAW. NOTWITHSTANDING THE FOREGOING, PRIOR TO ADOPTION OF SUCH
 LOCAL LAW, THE TOWN MUST ESTABLISH A COMMUNITY PRESERVATION FUND  PURSU-
 ANT  TO  SECTION  SIXTY-FOUR-L  OF  THE TOWN LAW. REVENUES FROM SUCH TAX
 SHALL BE DEPOSITED IN SUCH FUND AND MAY BE USED SOLELY FOR THE  PURPOSES
 OF  SUCH FUND. SUCH LOCAL LAW SHALL APPLY TO ANY CONVEYANCE OCCURRING ON
 OR AFTER THE FIRST DAY OF A MONTH TO BE DESIGNATED BY SUCH  TOWN  BOARD,
 WHICH IS NOT LESS THAN SIXTY DAYS AFTER THE ENACTMENT OF SUCH LOCAL LAW,
 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.
   §  1439-CCC.  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
 S. 9766                             8
 
 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 TREASURER SHALL PRESCRIBE THE FORM OF
 RETURN, THE INFORMATION WHICH IT SHALL CONTAIN,  AND  THE  DOCUMENTATION
 THAT  SHALL  ACCOMPANY  THE  RETURN. SAID FORM SHALL BE IDENTICAL TO THE
 REAL ESTATE TRANSFER TAX RETURN REQUIRED TO BE FILED PURSUANT TO SECTION
 FOURTEEN HUNDRED NINE OF THIS CHAPTER, EXCEPT THAT THE  TREASURER  SHALL
 ADAPT  SAID  FORM  TO  REFLECT  THE  PROVISIONS IN THIS CHAPTER THAT ARE
 INCONSISTENT, DIFFERENT, OR IN ADDITION TO  THE  PROVISIONS  OF  ARTICLE
 THIRTY-ONE  OF  THIS  CHAPTER.    THE  REAL  ESTATE TRANSFER TAX RETURNS
 REQUIRED TO BE FILED PURSUANT TO THIS SECTION  SHALL  BE  PRESERVED  FOR
 THREE  YEARS  AND  THEREAFTER  UNTIL SUCH TREASURER OR RECORDING 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
 REQUIRED IN THIS SECTION.
   § 1439-DDD. LIABILITY FOR TAX. 1. THE REAL ESTATE TRANSFER  TAX  SHALL
 BE PAID BY THE GRANTEE. IF THE GRANTEE HAS FAILED TO PAY THE TAX IMPOSED
 PURSUANT  TO THIS ARTICLE OR IF THE GRANTEE IS EXEMPT FROM SUCH TAX, THE
 GRANTOR SHALL HAVE THE DUTY TO PAY THE TAX. WHERE THE  GRANTOR  HAS  THE
 DUTY  TO PAY THE TAX BECAUSE THE GRANTEE HAS FAILED TO PAY THE TAX, SUCH
 TAX SHALL BE THE JOINT AND SEVERAL LIABILITY  OF  THE  GRANTEE  AND  THE
 GRANTOR.
   2. FOR THE PURPOSE OF THE PROPER ADMINISTRATION OF THIS ARTICLE AND TO
 PREVENT EVASION OF THE TAX HEREBY IMPOSED, IT SHALL BE PRESUMED THAT ALL
 CONVEYANCES  ARE  SUBJECT  TO  THE TAX. 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.
   § 1439-EEE. EXEMPTIONS. 1. THE FOLLOWING  SHALL  BE  EXEMPT  FROM  THE
 PAYMENT OF THE REAL ESTATE TRANSFER TAX IMPOSED BY THIS ARTICLE:
   (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 OBLI-
 GATION;
   (C)  CONVEYANCES  WHICH,  WITHOUT  ADDITIONAL  CONSIDERATION, CONFIRM,
 CORRECT, MODIFY OR SUPPLEMENT A DEED PREVIOUSLY RECORDED;
 S. 9766                             9
 
   (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  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;
   (J) CONVEYANCES OF REAL PROPERTY OR A  PORTION  OR  PORTIONS  OF  REAL
 PROPERTY  THAT  ARE THE SUBJECT OF ONE OR MORE OF THE FOLLOWING DEVELOP-
 MENT RESTRICTIONS:
   (1) AGRICULTURAL, CONSERVATION, SCENIC, OR AN OPEN SPACE EASEMENT;
   (2) COVENANTS OR RESTRICTIONS PROHIBITING DEVELOPMENT WHERE THE  PROP-
 ERTY  OR  PORTION  OF  PROPERTY  BEING  CONVEYED HAS HAD ITS DEVELOPMENT
 RIGHTS PERMANENTLY REMOVED;
   (3) A PURCHASE OF DEVELOPMENT RIGHTS AGREEMENT WHERE THE  PROPERTY  OR
 PORTION OF PROPERTY BEING CONVEYED HAS HAD ITS DEVELOPMENT RIGHTS PERMA-
 NENTLY REMOVED;
   (4)  A  TRANSFER  OF  DEVELOPMENT RIGHTS AGREEMENT, WHERE THE PROPERTY
 BEING CONVEYED HAS HAD ITS DEVELOPMENT RIGHTS REMOVED;
   (5) 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 AGRI-
 CULTURAL 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 EIGHT 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 OPER-
 ATED 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  PROP-
 ERTY.
   §  1439-FFF.  CREDIT.  A GRANTEE SHALL BE ALLOWED A CREDIT AGAINST THE
 TAX DUE ON A CONVEYANCE OF REAL PROPERTY TO THE EXTENT TAX WAS  PAID  BY
 SUCH  GRANTEE  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 GRANTEE.
 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
 S. 9766                            10
 
 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.
   §  1439-GGG.  COOPERATIVE  HOUSING CORPORATION TRANSFERS. 1.  NOTWITH-
 STANDING THE DEFINITION OF "CONTROLLING INTEREST" CONTAINED IN  SUBDIVI-
 SION  TWO OF SECTION FOURTEEN HUNDRED THIRTY-NINE-AAA OF THIS ARTICLE OR
 ANYTHING TO THE CONTRARY CONTAINED IN SUBDIVISION FIVE OF SECTION  FOUR-
 TEEN  HUNDRED  THIRTY-NINE-AAA 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-
 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. 9766                            11
 
   §  1439-HHH.  DESIGNATION  OF  AGENTS.  THE TREASURER IS AUTHORIZED TO
 DESIGNATE THE RECORDING OFFICER TO ACT AS  SUCH  TREASURER'S  AGENT  FOR
 PURPOSES OF COLLECTING THE TAX AUTHORIZED BY THIS ARTICLE. THE TREASURER
 SHALL  PROVIDE  FOR THE MANNER IN WHICH SUCH PERSON MAY BE DESIGNATED AS
 SUCH TREASURER'S AGENT SUBJECT TO SUCH TERMS AND CONDITIONS AS THE TREA-
 SURER  SHALL  PRESCRIBE.   THE REAL ESTATE TRANSFER TAX SHALL BE PAID TO
 SUCH AGENT AS PROVIDED IN SECTION FOURTEEN  HUNDRED  THIRTY-NINE-CCC  OF
 THIS ARTICLE.
   §  1439-III. 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 SUCH OFFICER SHALL COLLECT SO LONG AS SUCH OFFICER
 SHALL COMPUTE AND COLLECT SUCH TAX ON THE AMOUNT OF CONSIDERATION OR THE
 VALUE OF THE INTEREST CONVEYED AS SUCH  AMOUNTS  ARE  PROVIDED  TO  SUCH
 OFFICER BY THE PERSON PAYING THE TAX.
   §  1439-JJJ.  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, SUCH TREASURER MAY CAUSE SUCH MONEYS
 TO  BE  REFUNDED  PURSUANT  TO  SUCH REQUIREMENTS AS SUCH TREASURER, MAY
 PRESCRIBE, PROVIDED THAT ANY APPLICATION FOR SUCH REFUND IS  FILED  WITH
 THE  TREASURER  WITHIN TWO YEARS FROM THE DATE THE ERRONEOUS PAYMENT WAS
 MADE.
   § 1439-KKK. DEPOSIT AND DISPOSITION OF REVENUE. 1. ALL  TAXES,  PENAL-
 TIES  AND  INTEREST  IMPOSED  BY THE TOWN UNDER THE AUTHORITY OF SECTION
 FOURTEEN HUNDRED THIRTY-NINE-BBB OF THIS ARTICLE, WHICH ARE COLLECTED BY
 THE TREASURER OR SUCH TREASURER'S AGENTS, SHALL BE DEPOSITED IN A SINGLE
 TRUST FUND FOR THE TOWN AND SHALL BE KEPT  IN  TRUST  AND  SEPARATE  AND
 APART  FROM  ALL  OTHER MONIES IN POSSESSION OF THE TREASURER. MONEYS IN
 SUCH FUND SHALL BE DEPOSITED AND  SECURED  IN  THE  MANNER  PROVIDED  BY
 SECTION TEN OF THE GENERAL MUNICIPAL LAW.  PENDING EXPENDITURE FROM SUCH
 FUND,  MONEYS  THEREIN MAY BE INVESTED IN THE MANNER PROVIDED IN SECTION
 ELEVEN OF THE GENERAL MUNICIPAL LAW. ANY INTEREST EARNED OR CAPITAL GAIN
 REALIZED ON THE MONEYS SO DEPOSITED OR  INVESTED  SHALL  ACCRUE  TO  AND
 BECOME PART OF SUCH FUND.
   2. THE TREASURER SHALL RETAIN SUCH AMOUNT AS SUCH TREASURER MAY DETER-
 MINE  TO BE NECESSARY FOR REFUNDS WITH RESPECT TO THE TAX IMPOSED BY THE
 TOWN, UNDER THE AUTHORITY OF SECTION FOURTEEN HUNDRED THIRTY-NINE-BBB OF
 THIS ARTICLE, OUT OF WHICH THE TREASURER SHALL PAY ANY REFUNDS  OF  SUCH
 TAXES TO THOSE TAXPAYERS ENTITLED TO A REFUND PURSUANT TO THE PROVISIONS
 OF THIS ARTICLE.
   3. THE TREASURER, AFTER RESERVING SUCH REFUNDS, SHALL ON OR BEFORE THE
 TWELFTH  DAY  OF EACH MONTH PAY TO THE TOWN SUPERVISOR THE TAXES, PENAL-
 TIES AND INTEREST IMPOSED BY THE TOWN UNDER  THE  AUTHORITY  OF  SECTION
 FOURTEEN HUNDRED THIRTY-NINE-BBB OF THIS ARTICLE, COLLECTED BY THE TREA-
 SURER,  PURSUANT  TO  THIS  ARTICLE  DURING  THE NEXT PRECEDING CALENDAR
 MONTH. THE AMOUNT SO PAYABLE SHALL BE CERTIFIED TO THE  TOWN  SUPERVISOR
 BY  THE  TREASURER,  WHO  SHALL NOT BE HELD LIABLE FOR ANY INACCURACY IN
 SUCH CERTIFICATION. PROVIDED, HOWEVER, ANY  SUCH  CERTIFICATION  MAY  BE
 BASED  ON  SUCH  INFORMATION AS MAY BE AVAILABLE TO THE TREASURER AT THE
 TIME SUCH CERTIFICATION MUST BE MADE UNDER  THIS  SECTION.    WHERE  THE
 AMOUNT SO PAID OVER TO THE TOWN IN ANY SUCH DISTRIBUTION IS MORE OR LESS
 THAN THE AMOUNT DUE TO THE TOWN, THE AMOUNT OF THE OVERPAYMENT OR UNDER-
 PAYMENT  SHALL BE CERTIFIED TO THE TOWN SUPERVISOR BY THE TREASURER, WHO
 SHALL NOT BE HELD LIABLE FOR ANY INACCURACY IN SUCH  CERTIFICATION.  THE
 AMOUNT  OF  THE OVERPAYMENT OR UNDERPAYMENT SHALL BE SO CERTIFIED TO THE
 TOWN SUPERVISOR AS SOON AFTER THE DISCOVERY OF THE OVERPAYMENT OR UNDER-
 PAYMENT AS REASONABLY POSSIBLE AND SUBSEQUENT PAYMENTS AND DISTRIBUTIONS
 S. 9766                            12
 
 BY THE TREASURER TO THE TOWN SHALL BE ADJUSTED BY SUBTRACTING THE AMOUNT
 OF ANY SUCH OVERPAYMENT FROM OR BY ADDING THE AMOUNT OF ANY SUCH  UNDER-
 PAYMENT  TO  SUCH NUMBER OF SUBSEQUENT PAYMENTS AND DISTRIBUTIONS AS THE
 TREASURER  AND  TOWN SUPERVISOR SHALL CONSIDER REASONABLE IN VIEW OF THE
 OVERPAYMENT OR UNDERPAYMENT AND ALL OTHER FACTS AND CIRCUMSTANCES.
   4. ALL MONIES RECEIVED FROM THE TREASURER SHALL BE  DEPOSITED  IN  THE
 FUND OF THE TOWN, PURSUANT TO SECTION SIXTY-FOUR-L OF THE TOWN LAW.
   §  1439-LLL. JUDICIAL REVIEW. 1. ANY FINAL DETERMINATION OF THE AMOUNT
 OF ANY TAX PAYABLE UNDER SECTION  FOURTEEN  HUNDRED  THIRTY-NINE-CCC  OF
 THIS  ARTICLE  SHALL  BE REVIEWABLE FOR ERROR, ILLEGALITY OR UNCONSTITU-
 TIONALITY 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  STATE  SUPERINTENDENT  OF  FINANCIAL
 SERVICES  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.
   §  1439-MMM. APPORTIONMENT. A LOCAL LAW ADOPTED BY THE TOWN OF ORANGE-
 TOWN, PURSUANT TO THIS ARTICLE, SHALL PROVIDE FOR A METHOD OF APPORTION-
 MENT FOR DETERMINING THE AMOUNT OF TAX DUE WHENEVER THE REAL PROPERTY OR
 INTEREST THEREIN IS SITUATED WITHIN AND WITHOUT THE TOWN.
   § 1439-NNN. MISCELLANEOUS. A LOCAL LAW ADOPTED BY THE TOWN OF  ORANGE-
 TOWN, PURSUANT TO THIS ARTICLE, MAY CONTAIN SUCH OTHER PROVISIONS AS THE
 TOWN  DEEMS  NECESSARY  FOR THE PROPER ADMINISTRATION OF THE TAX IMPOSED
 PURSUANT TO THIS ARTICLE, INCLUDING PROVISIONS CONCERNING  THE  DETERMI-
 NATION  OF TAX, THE IMPOSITION OF INTEREST ON UNDERPAYMENTS AND OVERPAY-
 MENTS 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
 S. 9766                            13
 
 PROVISIONS  CAN  BE  MADE APPLICABLE TO THE TAX IMPOSED PURSUANT TO THIS
 ARTICLE.
   §  1439-OOO. 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 OR TOWN,  INCLUD-
 ING  ANY PERSON ENGAGED OR RETAINED 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 OR TOWN 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 TOWN 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  OR  TOWN  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  OR  TOWN  WHO  WILLFULLY
 VIOLATES  THE  PROVISIONS OF THIS SECTION SHALL BE DISMISSED FROM OFFICE
 AND BE INCAPABLE OF HOLDING ANY PUBLIC OFFICE IN THIS STATE FOR A PERIOD
 OF FIVE YEARS THEREAFTER.
   § 1439-PPP. FORECLOSURE PROCEEDINGS. WHERE THE CONVEYANCE CONSISTS  OF
 A  TRANSFER  OF  PROPERTY MADE AS A RESULT OF AN ORDER OF THE COURT IN A
 FORECLOSURE PROCEEDING ORDERING THE SALE OF SUCH PROPERTY,  THE  REFEREE
 OR SHERIFF EFFECTUATING SUCH TRANSFER SHALL NOT BE LIABLE FOR ANY INTER-
 EST OR PENALTIES THAT ARE AUTHORIZED PURSUANT TO THIS ARTICLE OR ARTICLE
 THIRTY-SEVEN OF THIS CHAPTER.
   §  3.  Severability.  If  any provision of this act or the application
 thereof shall for any reason be  adjudged  by  any  court  of  competent
 jurisdiction  to  be invalid, such judgment shall not affect, impair, or
 invalidate the remainder of this act, but shall be confined in its oper-
 ation to the provision thereof directly involved in the  controversy  in
 which such judgment shall have been rendered.
   §  4.  This act shall take effect immediately; provided, however, that
 section two of this act shall take effect on the ninetieth day after  it
 shall  have  become  a  law and shall expire December 31, 2043 when upon
 such date the provisions of such section shall be deemed repealed.