Section 1449-BB. Imposition of tax

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.
    * NB Repealed December 31, 2030