Legislative Memo


A.6450 (DiNapoli)



Local Real Property Transfer Taxes



April 5, 2005


The Business Council opposes this legislation which would give statewide authorization to towns to impose a real property transfer tax of up to 2%, with the proceeds to be used by towns for open space preservation purposes. The bill requires any such tax to be approved by local referendum.

The Business Council opposes this legislation for several reasons.

In summary, The Business Council recognizes the important role of open space protection in maintaining a high quality of life in New York. However, we believe New York's ongoing financial commitment to open space protection is sufficient, especially considering the financial condition of state and local governments. We also believe it is contrary to the economic health of the state to increase the cost of residential and business property purchases. For these reasons, The Business Council respectfully recommends against approval of A.6450.