Question about Peconic Bay Tax

Yes
-the first $250,000 (East Hampton, Southampton, Shelter Island or $150,000 (Riverhead, Southold) of the purchase price of a house or building ($100,000/$75,000 for unimproved land) is exempt from the real estate transfer fee;
-the tax expires in the year 2030 (a referendum to extend the tax expiration date from 2020 to 2030 was passed in 2006);
-a bipartisan advisory committee, composed of citizens from each town, oversees the program;
-farmer-to-farmer exemptions are provided for in the law;
-the buyer pays the tax;
-money raised in a town stays in the town in which the real estate transfer fee is levied and is used to protect open space and farmland in that town only.

How much is the tax?

2% of sale price-250k. For an 800k property, it would be 11k.

what are the closing costs for east hampton? who normally pays the deed transfer tax? is it the seller or buyer? is there anything else outside of the peconic bay tax thats different from the city?

thanks

Not sure who pays the deed transfer tax, but closing costs do add up. Would shop around. I used Par East Mortgage-Patti Romanzi. She was good and efficient, but at the last moment I discovered that HSBC was offering a better deal if you parked 100k with them, could be retirement account or any account as long as it was not atively traded. That promotion is probaly over, but it's worth asking about. Ultimately we stuck with Pati. Some people who have dealt with banks directly have had nightmares. Wells Fargo does a lot of business out there. Might be worth asking them directly.

thanks for your post. are there any unusual fees out east, aside from your standard bank fees, title fees, mortgage tax fees? and ofcourse the peconic bay tax.

Only the Peconic tax.

NY mansion tax applies to sales above $1M