Supplementing our 01/03/2023, 01/17/2023 and 3/14/2023 Title Tuesday updates regarding the legislation that is set to change the adjusted allowances and tax rates used to calculate the Peconic Bay Community Preservation Fund Tax (CPF) in certain towns effective as of April 1, 2023, you will recall that the increased tax rates will not apply to transactions where the Contract of Sale was executed prior to April 1, 2023.
Attached please find the updated CPF reporting form to be used for all applicable transactions closing on or after April 1, 2023. In the event your Contract was executed prior to April 1, 2023, you may elect to use the old allowances and lower rate by attaching a copy of the executed Contract with your submission.
As an example, the CPF paid by the Grantee for the purchase of a 1 Family property in East Hampton where the Closing is held on April 12, 2023, but the contract was executed prior to April 1, 2023, for $1,500,000.00 would be calculated as follows: $1,500,000.00 - $250,000.00 x 2.00% = $25,000.00
If that same transaction closed on May 1, 2023, and the contract was executed after April 1, 2023, or thereafter, the CPF paid by Grantee would be $1,500,000.00 - $400,000.00 x 2.50% = $27,500.00
Below please find a link for the NEW Peconic Bay Region Community Preservation Fund Form:
https://mcusercontent.com/684414a9e2c939c9532812949/files/9fba1d7d-3a76-7b0d-e71d-f7c4e8bc1e38/peconic_bay_region_4.1.23.pdf
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