Peconic Bay Tax is a regional tax imposed on properties within the Peconic Bay watershed on Long Island, New York. It is paid by property owners in the towns of Southold, Riverhead, Southampton, East Hampton, and Shelter Island. The tax is used to fund water quality improvement projects in the Peconic Bay estuary. The amount of tax paid is based on the assessed value of the property and the tax rate set by each town.
Peconic Bay Tax: Who Pays?
The Peconic Bay tax is a 2% sales tax imposed on goods and services sold in the Peconic Bay region of Long Island, New York. The tax is used to fund environmental protection and water quality improvement projects in the Peconic Bay area.
Taxpayers in San Francisco
Residents of San Francisco are not subject to the Peconic Bay tax, as the tax is only imposed on goods and services sold in the Peconic Bay region of Long Island, New York.
However, residents of San Francisco may be subject to other sales taxes, such as the California state sales tax and the San Francisco local sales tax.
| Tax | Rate |
|---|---|
| California state sales tax | 7.25% |
| San Francisco local sales tax | 1.5% |
Who Pays Peconic Bay Tax?
The Peconic Bay Community Preservation Fund (CPF) is a dedicated funding source for land acquisition, farmland preservation, water quality protection, and historic preservation projects in the Peconic Bay region of Long Island, New York.
The CPF is funded by a 2% real estate transfer tax on all properties sold in the Peconic Bay region. This tax is paid by the seller of the property, and it is in addition to any other taxes that may be due on the sale.
Non-profit organizations
- Non-profit organizations are exempt from paying the Peconic Bay tax if they meet the following criteria:
- The organization is a 501(c)(3) organization under the Internal Revenue Code.
- The organization’s primary purpose is to preserve land, protect water quality, or preserve historic resources in the Peconic Bay region.
- To claim the exemption, non-profit organizations must file a completed exemption form with the Suffolk County Clerk’s Office.
Tax Rates
| Property Value | Tax Rate |
|---|---|
| $0 – $500,000 | 0.5% |
| $500,001 – $1,000,000 | 1.0% |
| $1,000,001 – $2,000,000 | 1.5% |
| $2,000,001+ | 2.0% |
Utility Users
Peconic Bay Tax is a tax levied on the use of water and wastewater services in the Peconic Bay region of New York. The tax is collected by utility companies and remitted to the Suffolk County Water Authority, which uses the funds to support water quality protection and improvement programs.
- The tax is assessed on all water and wastewater utility customers in the Peconic Bay region.
- The tax is calculated based on the amount of water or wastewater used.
- The tax is typically added to the customer’s monthly utility bill.
| Utility | Tax Rate |
|---|---|
| Suffolk County Water Authority | 3.5% |
| Riverhead Water District | 3.5% |
| Southold Water District | 3.5% |
Who Pays Peconic Bay Tax
The Peconic Bay Community Preservation Fund (CPF) is a 2% additional real estate transfer tax levied on properties sold in the Towns of East Hampton, Riverhead, Shelter Island, Southampton, and Southold, all of which are located in Suffolk County, New York.
The proceeds from the Peconic Bay Tax are earmarked for the following purposes:
- Water quality protection
- Open space preservation
- Historic preservation
- Agricultural preservation
The Peconic Bay Tax is paid by the seller of the property at the time of the sale.
The Peconic Bay Tax does not apply to the following types of property sales:
- Sales of property between spouses
- Sales of property to a child or grandchild
- Sales of property to a sibling
- Sales of property to a parent
- Sales of property to a grandparent
- Sales of property to a trust
- Sales of property to a corporation
- Sales of property to a partnership
- Sales of property to a government agency
- Sales of property that is located in an urban renewal area
- Sales of property that is located in a brownfield redevelopment area
| County | Towns | Tax Rate |
|---|---|---|
| Suffolk County | East Hampton, Riverhead, Shelter Island, Southampton, Southold | 2% |
So, there you have it, folks! Now you know who’s shelling out for the good life around the Peconic Bay. I hope this little dive into local finance has been as enlightening as it was for me. If you’ve got any more burning questions about the East End, don’t hesitate to drop us a line anytime. And be sure to check in again soon for more stories that keep you in the know about our beautiful corner of the world. Until next time, keep on exploring and enjoying all that the Hamptons and North Fork have to offer. Cheers!