WHAT
The Peconic Bay Community Preservation Fund Tax rate will increase on April 1, 2023 per NY Tax Law 1449-BB and local town codes.
Note -Property with a binding contract of sale dated and executed prior to April 1, 2023 is NOT subject to the increase.
WHERE
Properties subject to the increase are located in the towns of East Hampton, Shelter Island, Southhampton, or Southold.
Note – The increase was not on the ballot in Riverhead.
WHEN
On April 1, 2023, the rate will increase from 2% to 2.5% in the four towns listed.
Note – The Riverhead calculation is different. Allowances for transactions over $2million in the four towns do not apply to Riverhead. Confer with your Underwriter for details or contact the Suffolk County Clerk.
The following information is provided by the Suffolk County Clerk.
Below is the new allowance breakdown effective 4/1/23:
- East Hampton- $400,000.00- Improved $100,000.00 Vacant (Unimproved) No exemption on conveyances greater than $2,000,000.00.
- Shelter Island- $400,000.00- Improved $100,000.00 Vacant (Unimproved) No exemption on conveyances greater than $2,000,000.00.
- Southampton- $400,000.00- Improved $100,000.00 Vacant (Unimproved) No exemption on conveyances greater than $2,000,000.00.
- Riverhead- $150,000.00- Improved $75,000.00 Vacant (Unimproved)
- Southold- $200,000.00- Improved $75,000.00 Vacant (Unimproved) No exemption on conveyances greater than $2,000,000.00.