* § 1449-bb. Imposition of tax. 1. Notwithstanding any other
provisions of law to the contrary, any town in the Peconic Bay region,
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 therein where the consideration exceeds five
hundred dollars, at the rate of two percent of the consideration for
such conveyance. 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 pursuant to
section sixty-four-e 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.

2. Notwithstanding any other provisions of law to the contrary, in
addition to the tax authorized by subdivision one of this section, any
town in the Peconic Bay region, acting through its town board, is hereby
authorized and empowered to adopt a local law imposing in such town a
supplemental tax on each conveyance of real property or interest therein
where the consideration exceeds five hundred dollars, at the rate of one
half of one percent of the consideration for such conveyance. Provided,
however, any such local law imposing, repealing or re-imposing such
supplemental 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 housing fund pursuant to section sixty-four-k of the town
law. Revenues from such supplemental 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. Any tax imposed pursuant
to this subdivision shall be administered and collected in a like manner
as the tax imposed by subdivision one of this section.

* NB Repealed December 31, 2050