For East Hampton, Southampton and Shelter Island, the tax is computed as follows:
• Amount: 2% on the value of all improved residential property over $250,000
• 2% on the value of all residential land over $150,000
For Southold and Riverhead, the tax is computed as follows:
• Amount: 2% on the value of all improved residential property over $150,000
• 2% on the value of all residential land over $75,000 - Known As: CPF tax
• Amount: 1% of Sale Price on sales of $1,000,000 or more on improved property
• Known As: NYS Real Estate Transfer Tax
Amount: $675 for 1st $100,000
• $190 for each additional $50,000 up to $500,000
• $3.75 for each $1,000 between $501,000-$1,000,000
• Known As: Fee Insurance
Note: If purchase is financed by a bank additional insurance is required.
Amount: 1% of mortgage, paid by mortgagor
• (.2% of mortgage recording tax is generally paid by the lending institution resulting in a cost to mortgagor of .8% of the amount of the loan.)
Recent poll shows survey charges for existing lots vary from $1,200 to $2,500