The Peconic Bay Region Community Preservation Fund Tax is a 2% transfer tax on real property sales in five East End towns: Southampton, East Hampton, Shelter Island, Southold, and Riverhead. The first $250,000 is exempt for owner-occupied properties ($100,000 for vacant land). On a $3M East End sale, the Peconic tax alone is approximately $55,000. This is paid by the buyer but directly compresses what they can offer you.
From the seller playbook: Transfer Tax Variations by County and Municipality in New York
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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