There’s good news for anyone shopping for a home in the gilded summer playground that is the Hamptons — it’s a buyers’ market. Word on the (Main) street is that tax increases are prompting the New Yorkers who live there to move to low-tax Florida.
This year a mansion tax, ranging from 1 per cent to 3.9 per cent, was introduced in New York for properties valued at $1 million or more. President Trump brought in the “SALT deduction” for New York State residents, which caps the amount of state and local taxes (including property) that can be deducted from their income tax at $10,000.
In the Hamptons on the East End of Long Island’s South Fork the average property sold price has dropped from
