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Location: North of the Cow Pasture and South of the Wind Turbines
856 posts, read 2,921,585 times
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It is a 2% tax of the final closing price that the buyer must pay at closing - it can be hefty - here is what I found I sold a house out there and was shocked at first I thought I paid it yikes. But it is the buyer who pays -
I think this applies
CPF (Peconic Region) Tax: At closing the buyer pays 2% on the value of all improved residential property over $250,000 (ie: On $1,000,000 purchase, the buyer pays $15,000 to The Community Preservation Fund, Peconic Region.)
CPF (Peconic Region): At closing the buyer pays 2% on the value of all unimproved property [vacant land] over $150,000 (ie: On $500,000 purchase, the buyer pays $7,000 to The Community Preservation Fund, Peconic Region.)
It is a 2% tax of the final closing price that the buyer must pay at closing - it can be hefty - here is what I found I sold a house out there and was shocked at first I thought I paid it yikes. But it is the buyer who pays -
I think this applies
CPF (Peconic Region) Tax: At closing the buyer pays 2% on the value of all improved residential property over $250,000 (ie: On $1,000,000 purchase, the buyer pays $15,000 to The Community Preservation Fund, Peconic Region.)
CPF (Peconic Region): At closing the buyer pays 2% on the value of all unimproved property [vacant land] over $150,000 (ie: On $500,000 purchase, the buyer pays $7,000 to The Community Preservation Fund, Peconic Region.)
Thanks for your quick reply and link. I guess this is just another added expense of living on LI. I read that it is also to protect the land. Funny I was on LI last week and read in Newsday that someone is trying to build a 700 and something acre amusement park in Riverhead. What happened to the money from the preservation fund to stop that? Hopefully that will not happen.
I read that it is also to protect the land. Funny I was on LI last week and read in Newsday that someone is trying to build a 700 and something acre amusement park in Riverhead. What happened to the money from the preservation fund to stop that?
Yes, the money from this special transfer tax goes to the Peconic Land Trust which uses it to buy land to protect it from development. It only applies to houses that are in the five East End townships though.
That Riverhead thing concerns land that was/is owned by Grumman Aerospace for their R&D facility. It's actually in Calverton but its in the Town of Riverhead. The Peconic Land Trust may have tried to buy it but probably couldn't afford it because the acreage is so huge. There are 2 developers that are interested in it and both of them have deep pockets so I wouldn't be surprised if the Land Trust got "outbid". The developer from the UK (Scotland?) is the one who wants to build the resort area. The other developer I think is Reckson Associates (a LI firm) and they want it mixed-use residental and recreational. But no one has bought the property yet, it's still in the talking stages with the town.
IMHO nothing will end up happening with the land in the end. It'll just sit empty as its been doing since Grumman went out of business some 10-plus years ago.
Yes, the money from this special transfer tax goes to the Peconic Land Trust which uses it to buy land to protect it from development. It only applies to houses that are in the five East End townships though.
That Riverhead thing concerns land that was/is owned by Grumman Aerospace for their R&D facility. It's actually in Calverton but its in the Town of Riverhead. The Peconic Land Trust may have tried to buy it but probably couldn't afford it because the acreage is so huge. There are 2 developers that are interested in it and both of them have deep pockets so I wouldn't be surprised if the Land Trust got "outbid". The developer from the UK (Scotland?) is the one who wants to build the resort area. The other developer I think is Reckson Associates (a LI firm) and they want it mixed-use residental and recreational. But no one has bought the property yet, it's still in the talking stages with the town.
IMHO nothing will end up happening with the land in the end. It'll just sit empty as its been doing since Grumman went out of business some 10-plus years ago.
Happy to hear that. Too much of the east end is being developed. I nearly died when I found out that the restaurant at Jones Beach was knocked down, and that they are thinking of selling the Sands Beach Club to developers to build luxury high rise condos. What else are they going to do to screw up the remaining beauty of Long Island !
Location: North of the Cow Pasture and South of the Wind Turbines
856 posts, read 2,921,585 times
Reputation: 2280
Quote:
Originally Posted by fallgirl
Happy to hear that. Too much of the east end is being developed. I nearly died when I found out that the restaurant at Jones Beach was knocked down, and that they are thinking of selling the Sands Beach Club to developers to build luxury high rise condos. What else are they going to do to screw up the remaining beauty of Long Island !
Thanks for your response,
Fallgirl
Well I am not sure of this is going through but:
Winergy Power - Plum Island (http://www.winergyllc.com/projects_pi_faq.htm - broken link)
I guess its better than inventing a better west nile virus and letting it go.
Location: North of the Cow Pasture and South of the Wind Turbines
856 posts, read 2,921,585 times
Reputation: 2280
Too bad the North Fork has realized its full potential (cough NorthFork Hampton) in a very good way, and at the same time lost its original character... But even 30 years ago when the potato bug came I knew that development was the only thing that could save the North Fork - people discovering it - why I moved
This tax is not used by the Peconic Land Trust which is supported by Charitable contributions. This tax is given to a group of citizens, a supposedly "bipartisan" advisory committee, who support candidates from the region who support their agenda.
Approximately 60% of the Trust's budget comes from charitable donations while the remaining 40% is fee income from planning and stewardship services provided to clients. A common misperception, however, is that the Peconic Land Trust is the recipient of the monies raised through the Community Preservation Tax (also referred to as the 2% land transfer tax or the Peconic Land Tax). This is NOT the case. The CPF tax is collected by Suffolk County and then redistributed to the five East End towns, the distribution of which is based on the location of the property from which the tax is acquired. While the Trust often works with local municipalities to facilitate land conservation purchase transations, the only monies the Trust receives is in conjunction with actual services provided (e.g., stewardship programs).
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Thanks
That's a good thing !
