1428. Exemptions. 1. The following shall be exempt from 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 agreement or compact with another state or the Dominion of Canada).
(b) The United Nations, the United States of America and any of its agencies and instrumentalities.
The exemption of such governmental bodies or persons shall not, however, relieve a grantee from them of liability for the tax.
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 prior conveyance;
(d) Conveyances of real property without consideration and otherwise than in connection with a sale, including conveyances 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 owned and occupied as a principal residence by one or more persons, at least one of whom is sixty-two years of age or over, provided that such property was both owned and occupied by at least one of such persons for a period of at least one year prior to the date of transfer, and further provided that such exemption shall be limited to transfers of residential properties consisting of one or two dwelling units;
(j) 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; and
(k) Conveyances of an option or contract to purchase real property with the use or occupancy of such property where the consideration is less than two hundred thousand dollars and such property was used solely by the grantor as his personal residence and consists of a one, two or three-family house, an individual residential condominium unit or the sale of stock in a cooperative housing corporation in connection with the grant or transfer of a proprietary leasehold covering an individual residential cooperative unit.
Last modified: February 3, 2019