Sag Harbor Assemblyman proposes real estate transfer tax to help first-time homebuyers

February 21, 2018 01:49PM

State Assemblyman Fred W. Thiele Jr., who represents the South Fork and Shelter Island, introduced legislation that would fund loans to low-income first-time homebuyers through an additional half-percentage tax on luxury property transfers. Residents or workers in East Hampton, Southampton, Shelter Island, Riverhead, and Southold who make less than $132,960 would be eligible for the loans. South Fork and Shelter Island homes valued at $1 million or less, and North Fork houses valued at $750,000 or less would be exempt from the additional tax. Thiele told the East Hampton Star the tax would raise an estimated $15 million to $20 million per year, mostly from home sales in Southampton and East Hampton. [EHS]