Buying on the North Fork carries costs that do not exist in most of the country. On top of the usual attorney, title and lender fees, a buyer in Southold Township pays a 2% Peconic Bay Community Preservation Fund transfer tax and the 0.5% Community Housing Fund tax, both calculated on the purchase price, less a $200,000 allowance on improved property. At the current median, that is roughly $20,000 a buyer did not budget for.
Above a million dollars it gets sharper. New York's mansion tax adds a flat 1% of the entire purchase price, not just the amount over the threshold. Familiarity with these taxes help to create a well-educated market participant.
The estimator below runs both sides of the transaction. Buyers get a full cash-to-close figure. Sellers get a net sheet. Every rate is adjustable, because allowances and title rates change and your attorney's number is the one that counts.
Please note that these numbers are intended for educational use only and are not to be substituted for work done by an attorney and/or accountant.
We advise all consumers to seek the advice of a trusted professional.
What a North Fork buyer pays
- Peconic Bay CPF, 2% on the price less the allowance. Buyer pays.
- Community Housing Fund, 0.5% on the same base. Buyer pays. In effect since April 2023.
- Mansion tax, 1% of the full price at $1,000,000 and above. Buyer pays.
- Mortgage recording tax. Suffolk County is 1.05% total, but on a one or two family the lender carries a quarter point, so the borrower sees 0.80% less a $30 deduction.
- Title insurance, search, survey, attorney and recording fees.
What a North Fork seller pays
- New York State transfer tax, $2.00 per $500 of price, which works out to 0.4%.
- Commission, listing side and buyer agent compensation, negotiated separately.
- Attorney, closer and continuation fees, plus any mortgage payoff.
First-time buyers
Southold Township exempts qualified first-time homebuyers from the Peconic Bay transfer tax. As of August 11, 2025 the caps are $187,440 in combined household income and $707,454 in purchase price. The exemption requires a notarized town application and approval from the Town Attorney, so start it early rather than at the closing table.
These figures are estimates for planning. Your attorney, title company and lender produce the numbers that actually appear on the closing statement. Questions about a specific parcel are worth a phone call: 631.765.5815.