Peconic Bay Transaction Dates
Supplementing our 01/03/2023 and 01/17/2023 Title Tuesday updates regarding the legislation that was 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, we have now been advised by the Suffolk County Clerk that the increased tax rates will not apply to transactions where the Contract of Sale was executed prior to April 1, 2023.
Please note that until April 1, 2023, both the applicable allowances and tax rates remain unchanged.
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 2023, or thereafter, the CPF paid by Grantee would be $1,500,000.00 - $400,000.00 x 2.50% = $27,500.00
When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.
About the author
Home Abstract Corp. has placed the information on this website as a service to the general public. Use of this website and the information contained thereon does not in any manner constitute legal advice from Home Abstract Corp. to the user. Nothing herein shall serve to create an attorney/client relationship between Home Abstract Corp. and the user. While the information on this site may concern legal issues, it is not intended as legal advice or as a substitute for the particularized advice of your own legal counsel. Anyone seeking specific legal advice or assistance concerning the information available on this website should retain their own attorney for such legal counsel.
This website could include inaccuracies or typographical errors. The materials on this website are not guaranteed to be correct, complete, or up‐to‐date after the date of posting. The articles and information on this website are provided AS-IS; without warranty of any kind, either express or implied.
Each individual document published by Home Abstract Corp. on this website may contain other proprietary notices and copyright information relating to that specific document. Home Abstract Corp. hereby authorizes you to view, store, print and copy any pages within this website solely for your personal information and use and not for resale, re-publication, or further on-line or mass distribution. In consideration of this authorization, you agree that (a) any copy of the information or documents which you make shall retain all copyright and other proprietary notices contained herein and (b) nothing on this website shall be reproduced, sold, or distributed to third parties on-line or by mass mailing without the express written consent of Home Abstract Corp.
Some links within the Home Abstract Corp. website may lead to other sites that we believe may be useful or informative. The Home Abstract Corp. website does not incorporate any materials appearing in such linked sites by reference. These links to third party sites or information are not intended as, and should not be interpreted by you as, constituting or implying our endorsement, sponsorship, or recommendation of the third-party information, products, or services found there. We do not maintain or control these sites and accordingly make no guarantee concerning the accuracy, reliability, or currency of the information found thereon.
