Section 1449-EEEE. Exemptions

1. The following shall be exempt from the
  payment of the real estate transfer tax:
    (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
  obligation;
    (c)  Conveyances  which,  without  additional  consideration, confirm,
  correct, modify or supplement a deed previously recorded;
    (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
  ownership,  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,  where the entire parcel of real
  property to be conveyed is the subject of one or more of  the  following
  development restrictions:
    (1) agricultural, conservation, scenic, or an open space easement,
    (2) covenants or restrictions prohibiting development,
    (3) a purchase of development rights agreement,
    (4)  a  transfer  of  development rights agreement, where the property
  being conveyed has had its development rights removed,
    (5) said real property is subject to the development restriction of an
  agricultural district or  individual  commitment,  pursuant  to  article
  twenty-five-AA of the agriculture and markets law,
    (6)  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
  agricultural  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  three
  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
  operated  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
  property.
    * NB Repealed December 31, 2025