The New York Iconic Bay Region Community Preservation Fund (CPF) First-Time Homebuyers Exemption Application provides eligible first-time homebuyers in the Iconic Bay Region with a special exemption when purchasing a home. This exemption reduces the transfer tax due at closing on a home purchase in a CPF community. The application must be completed and submitted to the local assessor’s office in order to be eligible. There are two types of New York Iconic Bay Region CPF First-Time Homebuyers Exemption Applications. The first is the Re acquisitionon Exemption,” which allows eligible first-time homebuyers who are reacquiring a home they previously owned to receive an exemption of up to $7,500. The second type is the “First-Time Homebuyers Exemption,” which allows eligible first-time homebuyers to receive an exemption of up to $2,000. In either case, applicants must provide proof of income, be a first-time homebuyer, and purchase a home in a CPF community.
New York Peconic Bay Region Community Preservation Fund First-Time Homebuyers Exemption Application
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FAQ
The Peconic Bay Region Community Preservation Fund (2% real estate transfer tax) is paid by the grantee. The grantee is the person who is purchasing the real property or an interest therein.
The CPF Tax is not a deductible charitable contribution ? it is a Transfer Tax. The Peconic Bay Region Community Preservation Fund (CPF) is a public program managed by each of the five East End Towns for the protection of farmland, open space, and community character.
The Peconic Bay Region Community Housing Act was signed into law by Governor Hochul in the Fall of 2021. The legislation allowed for the five East End towns of the Peconic Bay Region, i.e., East Hampton, Shelter Island, Southampton, Riverhead and Southold, to create a dedicated fund to assist with Affordable Housing.
The 2% real estate transfer fee paid by buyers goes directly to the Town in which the property purchased is located. The Peconic Bay Region Community Preservation Fund (CPF) is a public program managed by each of the five East End Towns for the protection of farmland, open space, and community character.
The CPF tax or the Peconic Bay Region Community Preservation Fund Tax is a 2% transfer tax on all real property in the Town of Southampton. The first $100,000 of a vacant, unimproved parcel is exempt from the tax and the first $250,000 of an improved parcel is exempt from the tax.
The Peconic Bay Region Community Preservation Fund (2% real estate transfer tax) is paid by the grantee. The grantee is the person who is purchasing the real property or an interest therein.
A copy of the new Peconic Bay Region Community Preservation Fund form is attached for conveyances occurring on or after 1/1/2023. For Conveyances occurring on or after April 1, 2023 the tax rate has been increased from 2.0% to 2.5% in East Hampton, Shelter Island, Southampton, and Southold.