Property taxes are based on three factors — the value of a home, the assessment ratio (or the percentage of the property value that is taxed), and the nominal tax rate, according to the National Association of Home Builders. As such, they are a great indicator of home values and reveal a lot about a community.
We took a look at the top property taxpayers on Long Island and found that of the top 20, 15 are located in the Hamptons, based on numbers from BlockShopper.
Unsurprisingly, most of those parcels have massive homes, tennis courts and swimming pools, and direct beach access.
And most are owned by big names in retail and finance, like Calvin Klein and Stephen Schwarzman (who also has a big pad in Palm Beach).
BlockShopper’s figures are from 2008, but they give a good picture of who pays what to maintain Hamptons getaways. We’ve excluded a few homes registered to LLCs that we could not identify.
Designer Calvin Klein paid $104,302 on an oceanfront home he's currently renovating on Meadow Lane in Southampton
Former Goldman Sachs partner James Marcus paid $115,328 on his house on Further Lane in East Hampton
Cheryl Krongard, a director at Legg Mason, paid $118,188 on her six-bedroom house on Scuttle Hole Rd. in Bridgehampton
A home on Highway Behind the Pond in East Hampton that hedge funder Daniel Loeb sold to a private LLC in 2006 paid $122,496
Blackstone Group co-founder Stephen Schwarzman paid $147,432 on his home on Mohawk Ave. in Watermill
Nine West founder Vince Camuto paid $180,608 on Villa Maria at on Montauk Highway in Southampton. The house rents for $1.5 million per summer
Lazard CEO Bruce Wasserstein, who passed away in 2009, paid $200,730 for his home on Further Lane in East Hampton
Business Insider Emails & Alerts
Site highlights each day to your inbox.