New York State Assemblyman Fred Thiele today reported that the Peconic Region real estate transfer tax generated $77.9 million for first half of 2024. The Peconic Bay Region Real Estate Transfer Tax was increased from 2.0% to 2.5%, effective April 1, 2023, in the Towns of East Hampton, Shelter Island, Southampton, and Southold. Exemptions from the tax were also increased in those Towns as of that date. The additional 0.5% increase (20% of the total real estate transfer tax) is dedicated to each Town’s Community Housing Fund (CHF). The remaining 80% continues to be dedicated to CPF purposes. Specific breakdowns by Town for preservation and housing can be obtained from each Town.

Thiele stated that because of the changes in the tax rate and the exemption from the additional 0.5% increase for transactions in contract before April 1, 2023, a fully accurate “apples to apples” comparison with prior years is difficult. However, it can be estimated that revenues for the first half of 2024, thus far, are similar to those for the same period in 2023. Revenues for both 2023 and 2024 are substantially below the pandemic bubble years between 2020–2022 but higher than the pre-pandemic period.

Cumulative revenues for the Peconic Bay Region transfer tax since 1999 are $2.2 billion. Nearly 13,000 acres of land have been protected by the CPF.

Below are the revenues by Town for the first half of 2024: