INFORMATION ON FISHERS REAL ESTATE TRANSFER TAXES
When you buy or sell property on Fishers Island, you will encounter real estate transfer taxes.
The Seller’s Tax
New York State Seller Transfer Tax is a tax of $2.00 for every $500 or any fraction of the sale
price. If your house sells for $500,000, you owe $2,000.
The Two Buyer’s Tax
New York State Mansion Tax is a 1% tax paid on the purchase of property, if the purchase
price is $1 million or more. If you buy a house for $1,000,000, you pay $10,000. If a property
sells for less then $1 million there is no Mansion tax.
Community Preservation Fund Transfer Tax
On Fishers Island, a 2% real estate transfer fee paid by buyers exists that is not listed on any property within our site. This is a one-time tax that the buyer of real estate is required to pay when purchasing a new or used home or vacant property. All money raised in a town stays in the town in which the real estate transfer fee is levied and is used to protect open space and farmland in that town only. This “Peconic Tax,” is in effect in the towns of Southampton, East Hampton, Shelter Island, Southold, and Riverhead. In Southold and Riverhead, the tax is 2% on the amount over $75,000 on the purchase price of unimproved land, and 2.5% on the amount over $150,000 on the purchase price of improved land. For example: if you buy a house for $500,000 on Fishers, you pay $8,750.
$500,000 – $150,000 = $350,000
$350,000 x 2% = $8,750
For more information on the Community Preservation Fund, you may visit here. If you have any further questions regarding this tax, feel free to ask.