- November 10, 2014
- All New York State Office Counsel, Managers and Agents
- Peconic Bay Transfer Tax Exemption - Town of Southold
First-time homebuyers in the town of Southold now have the opportunity to apply for an exemption from the Peconic Bay real estate transfer tax. The recent amendment to Tax Law § 1449-ee(4) adds Southold to the towns of Southampton, East Hampton and Shelter Island within the Peconic Bay Region that have a first-time homebuyer's exemption from the Peconic Bay transfer tax. At this time, the town of Riverhead is the only East End township without the benefit.
The exemption applies to a primary residential property purchased by one or more persons, each of whom is a first-time homebuyer, meeting certain criteria such as household income and purchase price requirements. For further details, please see NYS Tax Law § 1449-ee and the Town websites for additional information and application forms.
Agency Legal Services is available to answer questions at 212-922-0050
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- Bulletins Replaced:
- Related Bulletins:
- NY000367 Peconic Bay Transfer Tax Exemption
- Underwriting Manual:
- Exceptions Manual: