Saturday, August 13, 2022
Subscribe to Guide
No Result
View All Result
Hamptons.com
  • Live Cameras
    • All Live Cameras
    • Live! Weather Cams
    • 39A Corner
    • Main Beach
    • South Ferry
    • Coopers Beach
    • Southampton Village (South)
    • Southampton Village (North)
    • Southampton Village (Hildreths)
    • Downtown Circle Montauk
    • Long Island Aquarium | Shark Tank
    • Long Island Aquarium | Coral Reef
    • Tiana Beach
    • Ponquogue Beach
    • Ponquogue Bridge
    • Shinnecock Fishing Dock
    • Village Main Street
    • Downtown Sag Harbor
    • Windmill Beach Sag Harbor
    • Foster Memorial Beach
    • Conscience Point Marina
  • Public WiFi
  • Happening
    • Arts
    • Community
    • Dining
    • Entertainment
    • Kids
    • Recreation
    • Real Estate
    • Events Calendar
    • Post an Event
    • Gallery
    • Spotlight
  • Real Estate
    • Open Houses
    • Search Sales
    • Search Rentals
    • Recorded Sales
    • Title Insurance
  • Live Cameras
    • All Live Cameras
    • Live! Weather Cams
    • 39A Corner
    • Main Beach
    • South Ferry
    • Coopers Beach
    • Southampton Village (South)
    • Southampton Village (North)
    • Southampton Village (Hildreths)
    • Downtown Circle Montauk
    • Long Island Aquarium | Shark Tank
    • Long Island Aquarium | Coral Reef
    • Tiana Beach
    • Ponquogue Beach
    • Ponquogue Bridge
    • Shinnecock Fishing Dock
    • Village Main Street
    • Downtown Sag Harbor
    • Windmill Beach Sag Harbor
    • Foster Memorial Beach
    • Conscience Point Marina
  • Public WiFi
  • Happening
    • Arts
    • Community
    • Dining
    • Entertainment
    • Kids
    • Recreation
    • Real Estate
    • Events Calendar
    • Post an Event
    • Gallery
    • Spotlight
  • Real Estate
    • Open Houses
    • Search Sales
    • Search Rentals
    • Recorded Sales
    • Title Insurance
No Result
View All Result
Hamptons.com

Tax Break for First-time Homebuyers in Town of Southold

John A. Viteritti by John A. Viteritti
October 13, 2014
in Real Estate
Home Real Estate

Supervisor Scott Russell stated, “The Southold Housing Advisory Commission made this sensible recommendation to the Town Board and the ability to assist year-round residents who are first-time homebuyers is important and meaningful.”

What Mr. Russell is referring to is an exemption from the Community Preservation Fund Transfer Tax that went into effect in 2000 on all transfers of real property within the five towns of Eastern Long Island. In Southold and Riverhead, the tax is 2% on transfers of unimproved property over $75,000, and improved property over $150,000, paid at the closing. In Shelter Island, Southampton, and East Hampton, the tax is 2% on transfers of unimproved properties over $100,000, and improved properties over $250,000. While either the buyer or seller may pay the tax, it is typically paid by the buyer.

Since 2008, qualified first-time homebuyers in Shelter Island, Southampton, and East Hampton whose household income did not exceeded $126,000 and the price of the home did not exceed $734,000 were eligible for the exemption. According to Philip Beltz, Special Projects Coordinator for the Town of Southold, effective September 23, 2014, qualified first-time homebuyers in the Town of Southold whose household incomes do not exceed $126,120 and prices of the home do not exceed $367,140, will be eligible for the exemption.

In the Towns that have already allowed the exemption, a purchaser could avoid having to pay the tax at closing by having made application after a signed contract to purchase the property had been entered into and before closing. It is also possible to apply retroactively for the exemption. Anyone desiring information about how the Town of Southold will process requests for the exemption should contact Mr. Beltz at 631-765-5806.

Before the proposed exemption was submitted to the Town Board and State Legislature for approval, the Housing Advisory Commission did an analysis of past purchases to determine the possible savings to qualified buyers at what cost to the Community Preservation Fund. It showed that the typical buyer would have saved approximately $2,000 in closing costs at a cost of approximately 3% to the Fund. The Commission, and subsequently the Town Board and Peconic Bay State legislators, Fred Thiele, Kenneth LaValle, and Anthony Palumbo, felt that the opportunity to assist buyers who wanted to live in Southold justified the loss of revenue, especially in light of the need for affordable housing.

While this step effort will not, in itself, provide sufficient opportunities for those families who choose to live and work in Southold, it is a step forward.

Previous Post

“Birdman Or (The Unexpected Virtue Of Ignorance)” Closes Out 2014 New York Film Festival

Next Post

10 Questions With Hamptons Designer Nicole Miller

John A. Viteritti

John A. Viteritti

John is a St. John's University graduate, licensed Real Estate Broker, DOS Certified Instructor, and real estate consultant. He previously taught at NYU, LIU, and The Cook Maran Real Estate School, which he helped found.

Next Post
10 Questions With Hamptons Designer Nicole Miller

10 Questions With Hamptons Designer Nicole Miller

ADVERTISE

SEARCH ARTICLES

No Result
View All Result

Categories

  • Arts (2,182)
  • Community (1,937)
  • Dining (817)
  • Entertainment (985)
  • Featured (314)
  • Gallery (2,154)
  • Kids (52)
  • Real Estate (652)
  • Recreation (1,607)
  • Spotlight (38)
  • Join Arootah in the Hamptons! @arootahcoach @imentororg 

The Hamptons Summer Fête
Wednesday, Aug. 17 
from 6 p.m. to 10 p.m. 

Save Your Spot 
Share a drink and hors d’oeuvres, enjoy live music, and bid on items. 

Join for their fundraiser event to support iMentor youth. 

RSVP in our LinkTree⬆️
#fundraiser #imentor #imentornyc #Hamptons #mentor
  • Broadway Out East Returns with the Biggest Stars Performing at Calissa

Broadway Out East returns this summer season at local hotspot Calissa. The Mediterranean hotspot located at 1020 Montauk Highway will host a series of performances by some of Broadway’s most talented stars including Andrew Barth Feldman, Teal Wicks, Kathryn Allison, and Brandon Victor Dixon. Broadway Out East is produced by Justin Smith, the Concertmaster of Dear Evan Hansen.  Performances at Calissa will take place each Thursday from August 11th, through August 25th. @calissahamptons

Read the full article at Hamptons.com (Link in Bio) #calissa #broadway #hamptons #summer #broadwayouteast
  • The 2022 Hampton Designer Showhouse Returns to the Hamptons this Summer

The highly acclaimed Hampton Designer Showhouse will return this Summer to Southampton, NY with a completed reimagined stately home presented by HC&G (Hamptons Cottages & Gardens). For the past 22 years, the Hampton Designer Showhouse has been the showcase for some of America’s premier design talent and has raised nearly $2M for Stony Brook Southampton Hospital since its inception. @hamptondesignershowhouse

Read the full article at Hamptons.com (Link in Bio) #hamptonsdesignershowhouse #designershowhouse #hamptons #hamptonsdesigns
  • The Oscar Molina Gallery’s Molina / Vignoli Exhibition

The Oscar Molina Gallery announces the exhibition Molina / Vignoli  that will be on view from August 11th to August 22nd.. Curated by Esperanza León, the exhibition at this intimate space on Jobs Lane brings together a selection of works by Oscar Molina and Fernando Vignoli for whom the interpretation of human dramas—individual and global—is a consistent theme. Paintings from Molina’s Raindrops series, such as the recent 66 x 120-inch, untitled acrylic on canvas, will be featured with four of Vignoli’s works, including the prominent 73 x 73-inch oil on canvas from 2008 titled Time Does Not Stop. @omolina.arts

Read the full article at Hamptons.com (Link in Bio) #oscarmolina #art #local #hamptons
  • Léon 1909 Debuts on Shelter Island

On Sunday, August 7, owner & restaurateur Valerie Mnuchin welcomed a lively crowd of Shelter Island neighbors, local business owners, tastemakers, friends and family to preview Léon 1909, her transportive, new restaurant opening to the public this week on Thursday, August 11. @leonshelterisland

Read the full article at Hamptons.com (Link in Bio) #leon1909 #shelterisland #hamptons #dining #french
  • Mykola Khodorovsky at Art Market Hamptons

Art Market Hamptons will return to the Hamptons for the twelfth edition in August 2022. The premier art fair will be held August 11-14 in Water Mill. It will feature 85 top galleries, several of which are located on the East End, as well as Nova’s Ark Project & Sculpture Garden. @artmarketproductions @mykola_fine_art

One of the artists in attendance this year is Mykola Khodorovsky of Mykola Fine Art, a multi-talented painter, who has traveled from Florida for the anticipated event in the Hamptons. He spoke more about his artwork, his influences, and what those in attendance can expect from Art Market Hamptons beginning this Thursday!

Read the full article at Hamptons.com (Link in Bio) #hamptons #artmarket #art #local #watermill #artfair
Facebook Twitter Instagram Youtube
Hamptons.com

Saunders Broadcasting Corp.

Phone: 631-405-3902
Email: [email protected]
Facebook: Facebook.com/HamptonsOnline
Twitter: @Hamptons
Instagram: @HamptonsOnline

Contact Us

Happening in the Hamptons

  • Arts
  • Community
  • Dining
  • Entertainment
  • Featured
  • Gallery
  • Kids
  • Real Estate
  • Recreation
  • Spotlight

Subscribe

Get daily news updates to your inbox!

Subscribe to our mailing list to receives daily updates!

© 2021 Hamptons.com | All rights reserved
Saunders Broadcasting Corp.
Terms & Conditions | Privacy Policy | Contact Us

No Result
View All Result
  • Live Cameras
    • All Live Cameras
    • Live! Weather Cams
    • 39A Corner
    • Main Beach
    • South Ferry
    • Coopers Beach
    • Southampton Village (South)
    • Southampton Village (North)
    • Southampton Village (Hildreths)
    • Downtown Circle Montauk
    • Long Island Aquarium | Shark Tank
    • Long Island Aquarium | Coral Reef
    • Tiana Beach
    • Ponquogue Beach
    • Ponquogue Bridge
    • Shinnecock Fishing Dock
    • Village Main Street
    • Downtown Sag Harbor
    • Windmill Beach Sag Harbor
    • Foster Memorial Beach
    • Conscience Point Marina
  • Public WiFi
  • Happening
    • Arts
    • Community
    • Dining
    • Entertainment
    • Kids
    • Recreation
    • Real Estate
    • Events Calendar
    • Post an Event
    • Gallery
    • Spotlight
  • Real Estate
    • Open Houses
    • Search Sales
    • Search Rentals
    • Recorded Sales
    • Title Insurance

© 2021 Hamptons.com | All rights reserved
Saunders Broadcasting Corp.
Terms & Conditions | Privacy Policy | Contact Us