Real Estate Transfer Tax

In the November 2020 ballot referendum, residents overwhelmingly voted to approve funding for Clean Water, Working Farms, Natural Areas, and Historic Properties through a Real Estate Transfer Tax (RETT). The tally was 3,648 residents voting yes, 72.15%; 1,408 voting no, 27.85%, a nearly 3:1 margin. 

The 1.5% Real Estate Transfer Tax is to be paid by the buyer of property with an exemption set to the median home value for Ulster County. This funding approach will allow New Paltz to support farmland, open space protection, and historic preservation without increasing taxes for residents. Funds from this tax may be matched for certain projects by state and federal funding. 

The Real Estate Transfer Tax will take effect on any property conveyed on or after Feb. 1, 2021. The tax won't apply to property conveyances made on or after that date if there is a binding written contract that was entered into prior to that date.

RETT Frequently Asked Questions

 The Real Estate Transfer Tax Local Law

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