Shelter Island transfer tax
On a $400,000 home sale in Shelter Island, NY, transfer taxes come to $1,600 (0.4% of the price): New York State real estate transfer tax ($2 per $500), New York mansion tax (1% above a threshold) and Peconic Bay Region CPF transfer tax (Shelter Island) (2.5% above a threshold), paid by the seller.
Suffolk County has no county transfer tax. The NYS 0.4% transfer tax and the state mansion tax ($1M+ homes) also apply.
Shelter Island transfer tax calculator
- State
- Special
| Tax | Rate | Who pays | Amount |
|---|---|---|---|
| New York State real estate transfer taxState | $2 per $500 | Seller | $1,600.00 |
| New York mansion taxState | 1% above a threshold | Buyer | $0.00 |
| Peconic Bay Region CPF transfer tax (Shelter Island)Special | 2.5% above a threshold | Buyer | $0.00 |
| Total transfer tax (0.4% of the price) | $1,600.00 | ||
"Who pays" is the customary or legal default; your purchase contract can move it.
Transfer tax in Shelter Island by home price
| Sale price | Total tax | Effective rate | Seller | Buyer |
|---|---|---|---|---|
| $250,000 | $1,000 | 0.4% | $1,000 | $0 |
| $400,000 | $1,600 | 0.4% | $1,600 | $0 |
| $600,000 | $7,400 | 1.233% | $2,400 | $5,000 |
| $800,000 | $13,200 | 1.65% | $3,200 | $10,000 |
| $1,000,000 | $29,000 | 2.9% | $4,000 | $25,000 |
| $1,500,000 | $48,500 | 3.233% | $6,000 | $42,500 |
| $2,500,000 | $87,500 | 3.5% | $10,000 | $77,500 |
| $5,000,000 | $185,000 | 3.7% | $20,000 | $165,000 |
Negotiable amounts are shown half to each side.
Selling in Shelter Island?
Transfer tax is usually the second-biggest closing cost after the agent's commission. Comparing agents' fees often saves more than any exemption.
Exemptions in New York
- Consideration of $500 or less
- Transfers to the U.S., New York State or its agencies/political subdivisions
- Gifts and transfers for no consideration
- Conveyances given only as security for a debt (and their release)
- Deeds that only correct or confirm a prior deed
- Transfers between a person and an entity with no change in beneficial ownership
Local exemptions can differ; see New York transfer tax.
Elsewhere in Suffolk County
Questions
What is the transfer tax rate in Shelter Island?
0.4% of the price on a $400,000 sale: New York State real estate transfer tax ($2 per $500); New York mansion tax (1% above a threshold); Peconic Bay Region CPF transfer tax (Shelter Island) (2.5% above a threshold).
Who pays transfer tax in Shelter Island?
New York State real estate transfer tax: Seller — Seller (grantor) by law; buyer pays if the seller does not or is exempt.. New York mansion tax: Buyer — Paid by the buyer; seller pays if buyer is exempt.. Peconic Bay Region CPF transfer tax (Shelter Island): Buyer — Paid by the grantee (buyer).. The purchase contract can assign it differently.
How much is transfer tax on a $500,000 house in Shelter Island?
$4,500 in total (seller $2,000, buyer $2,500).
Who pays transfer tax in New York?
The seller pays the $2 per $500 state transfer tax; the buyer pays the 1% mansion tax on homes of $1 million or more.
Is the mansion tax charged only on the amount over $1 million?
No. Once the price reaches $1 million, 1% applies to the entire price.
Sources
- Benchmark Title - Changes to Peconic Bay CPF tax rate and allowances (2023)
- NY Tax Law sec. 1449-bb (Peconic Bay CPF tax 2% + 0.5% community housing supplemental)
- NY Tax Law sec. 1449-ee (Peconic Bay exemptions)
- NY Department of Taxation and Finance – Real estate transfer tax
- NY Tax Law Article 31, §1402 (rate)
Last checked October 13, 2026. Rates in effect for residential sales; commercial, leasehold and entity transfers can differ. Always confirm with your title company or closing attorney before closing.