Schedule C - (continued)
Part II - Explanation of Exemption Claimed in Part I, line 1 (check any boxes that apply)
The conveyance of real property is exempt from the real estate transfer tax for the following reason:
a. Conveyance is 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 Canada)
b. Conveyance is to secure a debt or other obligation
c. Conveyance is without additional consideration to confirm, correct, modify or supplement a prior conveyance
d. Conveyance of real property is without consideration and not in connection with a sale, including conveyances conveying
realty as bona fide gifts
e. Conveyance is given in connection with a tax sale
f. Conveyance is mere change of identity or form of ownership or organization where there is no change in beneficial ownership.
(This exemption cannot be claimed for a conveyance to a cooperative housing corporation of real property comprising the
cooperative dwelling or dwellings.)
g. Conveyance consists of deed of partition
h. Conveyance is given pursuant to the federal bankruptcy act
i. Conveyance consists 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. Conveyance or real property which is subject to restrictions which prohibit the use of the entire property for any purposes
except agriculture, recreation or conservation, pursuant to Section 1449-ee (2) (j) or (k) of Article 31-D of the Tax Law.
(See required Town approval, below)
k. Conveyance 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.
l. Other list explanations in space below (Grandfather/Contract)
o. The conveyance is approved for an exemption from the Community Preservation Transfer Tax, under Section 1449-ee of
Article 31-D of the Tax law. (See j in Schedule C)
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Town Attorney or other designated official
Signature (both the grantor(s) and grantee(s) must sign).
The undersigned certify that the above return, including any certification, schedule or attachment, is to the best of his/her
knowledge, true and complete.
Penalties and Interest
Penalties
Any grantor or grantee failing to file a return or to pay any tax within
the time required shall be subject to a penalty of 10% of the amount
of tax due plus an interest penalty of 2% of such amount of each
month of delay or fraction thereof after the expiration of the first
month after such return was required to be filed or the tax became
due. However, the interest penalty shall not exceed 25% in the
aggregate.
Daily compounded interest will be charged on the amount of the
tax due not paid within the time required.
(attached approved application)
m. Conveyance of real property as a primary residence where the grantee is a first-time homebuyer
n. Conveyance of real property to a tax exempt, not-for-profit corporation for the purpose of providing affordable housing.
