2%
The CPF tax or the Peconic Bay Region Community Preservation Fund Tax is a 2% transfer tax on all real property in the Town of Southampton. The first $100,000 of a vacant, unimproved parcel is exempt from the tax and the first $250,000 of an improved parcel is exempt from the tax.
What towns pay Peconic Bay tax?
The History of the Community Preservation Fund The CPF was established by voter referendum in 1998, when voters in the five East End Towns of Long Island — East Hampton, Riverhead, Shelter Island, Southampton and Southold — approved a new real estate transfer tax of 2% on each transaction occurring in these towns.
How much are real estate taxes in Peconic Bay Area?
But many new home buyers don’t realize that they must pay a tax to make sure this land stays untouched — 2% on the purchase of any home or lot.
What kind of tax is the Peconic Bay?
Known informally as the “Peconic Bay Tax,” the one-time levy is officially the Peconic Bay Region Community Preservation Fund (or CPF), and is basically a real estate transfer tax.
How does the Peconic Bay Region Community Preservation Fund work?
The 2% real estate transfer fee paid by buyers goes directly to the Town in which the property purchased is located. The Peconic Bay Region Community Preservation Fund (CPF) is a public program managed by each of the five East End Towns for the protection of farmland, open space, and community character.
What does CPF stand for in Peconic Bay?
The Peconic Bay Region Community Preservation Fund (CPF) is a public program managed by each of the five East End Towns for the protection of farmland, open space, and community character.
How does the Peconic Land Trust get its money?
The Peconic Land Trust does not receive the 2% real estate transfer tax. While many believe that the funds raised by the 2% real estate transfer tax go to Peconic Land Trust for its conservation programs, this is incorrect! The Peconic Land Trust raises its operating budget through charitable gifts and payment for professional services.
