Increases the tax on deeds in the city of Mount Vernon, the official text

S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7348
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 25, 2025
                                ___________
 
 Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
   tee on Ways and Means
 
 AN ACT to amend the tax law, in relation to increasing the tax on  deeds
   in the city of Mount Vernon
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Section 1205 of the tax law, as amended by chapter  389  of
 the laws of 1986, is amended to read as follows:
   §  1205. Imposition of taxes on deeds in the city of Mount Vernon. (a)
 Notwithstanding any provision of law to the contrary, the local  govern-
 ing  body  of the city of Mount Vernon, by the adoption and amendment of
 local laws, ordinances or  resolutions  may  impose  in  such  city  and
 provide for the administration and collection of a tax on deeds by which
 real  property  is  conveyed in such city in the manner set forth and as
 authorized in subdivision (b) of this section.
   (b) There is hereby imposed in the city of Mount Vernon a tax on  each
 deed  by  which any real property is conveyed (measured by the consider-
 ation or value of the interest or property conveyed) at a  rate  not  to
 exceed  one  AND  ONE-HALF  percent  of such consideration or value with
 respect to all conveyances, provided that such city may allow deductions
 for any liens on such  interest  or  property  and  may  also  allow  an
 exemption not in excess of one hundred thousand dollars on the consider-
 ation  or value of the interest or property conveyed. Provided, further,
 that such taxes shall not apply if the contract for any such  conveyance
 was  made  prior  to September first, nineteen hundred eighty-four. Such
 taxes may be imposed on any conveyance or transfer of real  property  or
 interest therein by deed where the real property is located in such city
 regardless  of  where  transactions, negotiations, transfers of deeds or
 other actions with regard to the  transfer  or  conveyance  take  place,
 subject  only  to  the  restrictions contained in section twelve hundred
 thirty. The payment of, and the filing of a return relating to, any such
 taxes may be required as a condition precedent to  the  recording  of  a
 deed.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11112-01-5