Authorizes Orangetown to establish community preservation funds and impose a real estate transfer tax.

The bill authorizes the town of Orangetown to establish community preservation funds and impose a real estate transfer tax on property conveyances. Revenues from the tax will be deposited into the community preservation fund. The fund can be used for preserving community character, acquiring interests in real property, establishing a bank for transfer of development rights, and managing and stewarding such interests and rights. The fund can also be used to repay bonded indebtedness or obligations incurred for these purposes.

Authorizes Orangetown to establish community preservation funds and impose a real estate transfer tax.

The bill authorizes the town of Orangetown to establish community preservation funds and impose a real estate transfer tax on property conveyances. Revenues from the tax will be deposited into the community preservation fund. The fund can be used for preserving community character, acquiring interests in real property, establishing a bank for transfer of development rights, and managing and stewarding such interests and rights. The fund can also be used to repay bonded indebtedness or obligations incurred for these purposes.