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Advisory board hears April real-estate transfer tax numbers; fund balance about $638,000
Summary
Staff told the Community Preservation Advisory Board that Ulster County's updated median sales price is $437,000; April transactions generated $54,720.88 in transfer tax (city+county) and the board's fund balance stood near $637,716 at month'end.
Staff member (S4) reported the April real-estate transfer-tax results to the Community Preservation Advisory Board, saying "that is $437,000." S4 told the board April sales totaled $16,669,496 across 53 transfers; 39 transfers were exempt and 14 paid the tax, yielding an average transfer tax of $3,908.63 and a total April transfer-tax amount of $54,720.88 (city and county portions combined). The staff update said the fund balance at the end of April was $637,715.68.
Board members discussed how the county determines median price (by conveyance date) and how that timing affected which transactions were subject to the new $4.25 per $1,000 rate versus the prior rate. Chair (S2) and staff clarified that properties conveyed before April 23 are treated at the previous rate because the county bases median price on conveyance dates. The board did not take formal action on the report but accepted the figures and asked staff to maintain separate internal spreadsheets to track approved versus actual expenditures and whether approved allocations are reflected in account balances.
