(PLEASE NOTE ATTACHED FILES )

Through a change in NY Tax Law 1449-BB and changes to Town code in the towns that make up the Peconic Bay Region, we will see two changes to the way the CPF tax is calculated this year.

January 1, 2023

For Conveyances occurring on or after January 1, 2023 the exemptions amounts have changed in two ways, as detailed in the chart below

1. The allowance or exemption for Improved properties has been increased in East Hampton, Shelter Island, Southampton, and Southold.  Riverhead remains the same.  The allowance or exemption for Unimproved properties remains the same in all five towns.
2. For Conveyances in East Hampton, Shelter Island, and Southampton a new exemption cap has been implemented.  For these three towns, no exemption is to be applied to transfers greater than or equal to $2,000,000.

A copy of the new Peconic Bay Region Community Preservation Fund form is attached for conveyances occurring on or after 1/1/2023.

April 1, 2023

For Conveyances occurring on or after April 1, 2023 the tax rate has been increased from 2.0% to 2.5% in East Hampton, Shelter Island, Southampton, and Southold. This is the implementation of the ½ percent Community Housing Fund (CHF) adopted by local referendum in November.

An updated form is not yet available and will be circulated once published.