Bulletin: NY000689

Dear Associates:

Kindly be advised that there has been an increase in the Peconic Bay Region Community Preservation Fund (“CPF”) Transfer Tax. The new transfer tax increase shall apply to any conveyance occurring on or after April 1, 2023. This increase shall not apply to legally binding contracts entered into prior to April 1^st 2023, even if the transfer of title occurs after April 1. 2023.

A copy of the contract of sale dated prior to April 1, 2023 should be attached to the CPF form submitted for recording. In the event the effective date of a contract is questioned the act also provides that “the date of execution of such contract is confirmed by independent evidence such as the recording of the contract, payment of a deposit or other facts and circumstances as determined by the treasurer.” See Tax Law Section 1449-bb.

The tax rate in all of the towns set forth below, with the exception of Riverhead, has increased from 2% to 2.5%; Riverhead has remained at 2%

The breakdown is as follows:

Town & Exemptions

East Hampton: $400,000.00 Improved; $100,000.00 Vacant (unimproved); No exemption on conveyances $2,000,000.00 or greater

Riverhead: $150,000.00 Improved; $75,000.00 Vacant (unimproved)

Shelter Island: $400,000.00 Improved; $100,000.00 Vacant (unimproved); No exemption on conveyances $2,000,000.00 or greater

Southampton: $400,000.00 Improved; $100,000.00 Vacant (unimproved); No exemption on conveyance greater than $2,000,000.00

Southold: $200,000.00 Improved; $75,000.00 Vacant (unimproved)

The CPF Forms can be found on the Suffolk County Clerk’s Website at  www.suffolkclerk.com

In the event you have any questions, kindly contact Stewart Title Legal Services for guidance at 212-922-0050.

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