N.Y. Tax Law § 1428 — Exemptions

§ 1428. Exemptions. 1. The following shall be exempt from payment of\nthe real estate transfer tax:\n (a) The state of New York, or any of its agencies, instrumentalities,\npolitical subdivisions, or public corporations (including a public\ncorporation created pursuant to agreement or compact with another state\nor the Dominion of Canada).\n (b) The United Nations, the United States of America and any of its\nagencies and instrumentalities.\n The exemption of such governmental bodies or persons shall not,\nhowever, relieve a grantee from them of liability for the tax.\n 2. The tax shall not apply to any of the following conveyances:\n (a) Conveyances to the United Nations, the United States of America,\nthe state of New York, or any of their instrumentalities, agencies or\npolitical subdivisions (or any public corporation, including a public\ncorporation created pursuant to agreement or compact with another state\nor the Dominion of Canada);\n (b) Conveyances which are or were used to secure a debt or other\nobligation;\n (c) Conveyances which, without additional consideration, confirm,\ncorrect, modify or supplement a prior conveyance;\n (d) Conveyances of real property without consideration and otherwise\nthan in connection with a sale, including conveyances conveying realty\nas bona fide gifts;\n (e) Conveyances given in connection with a tax sale;\n (f) Conveyances to effectuate a mere change of identity or form of\nownership or organization where there is no change in beneficial\nownership, other than conveyances to a cooperative housing corporation\nof the real property comprising the cooperative dwelling or dwellings;\n (g) Conveyances which consist of a deed of partition;\n (h) Conveyances given pursuant to the federal bankruptcy act;\n (i) Conveyances of real property owned and occupied as a principal\nresidence by one or more persons, at least one of whom is sixty-two\nyears of age or over, provided that such property was both owned and\noccupied by at least one of such persons for a period of at least one\nyear prior to the date of transfer, and further provided that such\nexemption shall be limited to transfers of residential properties\nconsisting of one or two dwelling units;\n (j) Conveyances of real property which consist of the execution of a\ncontract to sell real property without the use or occupancy of such\nproperty or the granting of an option to purchase real property without\nthe use or occupancy of such property; and\n (k) Conveyances of an option or contract to purchase real property\nwith the use or occupancy of such property where the consideration is\nless than two hundred thousand dollars and such property was used solely\nby the grantor as his personal residence and consists of a one, two or\nthree-family house, an individual residential condominium unit or the\nsale of stock in a cooperative housing corporation in connection with\nthe grant or transfer of a proprietary leasehold covering an individual\nresidential cooperative unit.\n