On July 21st, 2008 Governor Paterson signed Chapter 349 amending Section 1449-aa of the tax law.
The Peconic Bay Region Community Preservation Fund Tax Amendment Exemption was adopted to apply to qualified first home buyers and certain not-for-profit corporations in the towns of East Hampton, Southampton & Shelter Island.
While this is a necessary first step (that should have been in effect from the beginning) it falls WAY short of what SHOULD have been adopted.
The entry levels that were set some 10 years ago have NEVER been increased while property values have exponentially risen — even with the current correctionary market—. You can’t buy an entry-level home in East Hampton at $250,000. In fact, the town is looking for “affordable income homes” starting at $500,000… so where’s the justice? The tax is hurting the local people and those wanting to get started out here.
The real problem is, the towns have borrowed off of expected future tax income— not a very smart move– so now they won’t raise the bar to realistic entry levels for homes and land because they need the regular guy to foot the bill! NOT FAIR!
My father always taught me, if you can’t afford to buy it … don’t! so why did they continue to buy properties before the money was in the coffers? What would make anyone think the bull real estate market would charge on forever? Everything ebbs & flows. I believe they may need to sell some of their holdings to pay down this debt. OMG!! Which one first??
I remain hopeful that our local municipalities will do the right thing and not tax (bite) the locals (hand) that work (feeds) here (them)… and how about allowing for some max densities for young families and older folks.. if they create smaller than 1/4 acre lots (with town water of course), no room for pools, no more than 2000 sq ft modest homes, in clustered neighborhoods of 15-25 homes, with tax breaks for year rounders,, maybe more year rounders could live and work here. INFRASTRUCTURE!
But, don’t get me going….