Pursuant to Article 31-G of New York State Tax
Law, a tax is hereby imposed on each conveyance of real property or
interest therein in Tompkins County when the consideration exceeds
$500, at a rate of $1 for each $500 or fractional part thereof.
This tax shall apply to any conveyance occurring
on or after December 1, 2006, but shall not apply to conveyances made
on or after December 1, 2006, pursuant to binding written contracts
entered into prior to such date, provided that the date of the 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 County Finance Director.
A grantor shall be allowed a credit against
the tax due on a conveyance of real property to the extent tax was
paid by such grantor on a prior creation of a leasehold of all or
a portion of the same real property or on the granting of an option
or contract to purchase all or a portion of the same real property,
by such grantor. Such credit shall be computed by multiplying the
tax paid on the creation of the leasehold or on the granting of the
option or contract by a fraction, the numerator of which is the value
of the consideration used to compute such tax paid that is not yet
due to such grantor on the date of the subsequent conveyance (and
that such grantor will not be entitled to receive after such date),
and the denominator of which is the total value of the consideration
used to compute such tax paid.
The provisions of Article 31-G of the State
Tax Law shall govern transfers involving cooperative housing corporations.
The Finance Director or his duly authorized
agent shall be responsible for the deposit of revenue collected or
received from the tax imposed. The Finance Director shall maintain
a system of accounts showing the revenue collected or received from
the tax imposed. All revenue derived from the imposition of such tax
shall be deposited into the general fund of the County of Tompkins.
The amount of tax due whenever the real property
or interest therein is situated within and without the County of Tompkins
shall be in proportion to the value of the property in the County
of Tompkins relative to the value outside the County.