2021 Preservation Fund Revenues are 106.2% Higher Than 2020

56 West Neck Road, Shelter Island
The four-bedroom house set on 1.5 acres at 56 West Neck Road on Shelter Island sold for $3.1 million in April.
Courtesy of Corcoran

The Peconic Bay Community Preservation Fund revenues continue to climb. In the first five months of 2021, revenues are already 106.2% higher than the same time period in 2020.

Last year, $45.43 million was collected from January through May, according to Assemblyman Fred W. Thiele Jr. The figure for the same time period this year: $93.69 million.

“This represents the highest five-month revenue total in the history of the CPF,” a statement from Thiele’s office explained.

The program is funded by a 2% tax on most real estate purchases.

In May alone, the fund received $18.52 million, compared with $7.1 million in revenue one year earlier.

“Revenues for the CPF continue to reflect the significant increase in real estate activity on the East End since the advent of the COVID-19 pandemic,” Thiele said in a statement. “This marks the 10th straight month that revenues have exceeded $10 million per month. The last eight months have all exceeded $15 million per month.”

The increase in revenue is happening across all five East End towns.

Shelter Island, once again, saw the biggest jump in revenue. In the first five months of the year, the town has received 234.8% more than it did in that same time period in 2020. The small town has taken in $2.31 million so far, as compared to $690,000 in the first five months of 2020.

Looking at the same time frame, East Hampton Town received $31.04 million, a 151.6% increase from the prior year’s $12.34 million.

The Town of Southold, where inventory reached an all time low this spring, saw a 90% increase, from $3.08 million to $5.85 million.

Southampton Town took in $51.62 million, an 87% jump from last year’s first five months when it received $27.6 million.

Lastly the Town of Riverhead received 67.3% more in revenue. In the first five months of the year, it has received $2.86 million, as compared to $1.71 million in the prior year.

In the past 12 months the the preservation fund has generated $188 million in revenue.

Since the program was created in 1999, it has generated $1.694 billion, which has been used to preserve open space on the East End.

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