First-time homeowners in Southold may now benefit from the same tax exemptions as East Hampton, Southampton and Shelter Island residents thanks to new legislation passed by both houses of the New York Legislature.
The bill exempts new buyers from the Community Preservation Fund (CPF) transfer tax, announced Senator Ken LaValle and Assemblyman Anthony Palumbo Thursday. Governor Andrew Cuomo now has 10 days before he must make a decision whether or not to sign the bill into law.
The legislation is intended to help lower income buyers with the purchase of their first homes. A maximum household income of $126,000 and home value of $399,000 is necessary for buyers to be eligible for the exemption.
LaValle and Palumbo both expressed satisfaction with the initial passage of the tax exemption in the Legislature.
“I am pleased that we were able to pass this important bill to help first-time Southold homebuyers. I have been working on building the regional economy by assisting businesses in creating new, lasting jobs in our area,” LaValle said.
Palumbo echoed LaValle’s sentiments.
“I am thrilled to join with Senator LaValle on this legislation that provides low to moderate income families with the opportunity for homeownership,” he said. “With the high cost of living on Long Island, this type of tax relief is crucial to keeping our families on Long Island for generations to come.
LaValle added that he is confident Cuomo will pass the legislation into law for prospective Southold residents.