Money collected through the Peconic Bay Community Preservation Fund (CPF) continues to be less than last year in most East End towns, except on the North Fork, where CPF is on the rise.
Assemblyman Fred W. Thiele Jr., who created the program in 1999 to support open space preservation, reported that the overall 2022 revenues for the first seven months are 6.9% less than one year ago. So far the fund has taken in a total of $122.21 million, compared to the $131.29 million collected for the same period.
“Real estate activity is less than a year ago. However, CPF revenues in 2022 remain at historically high levels when compared to revenues before the pandemic,” says Thiele. “Revenues for the first seven months of 2022 are the second highest for the first seven months in the 24-year history of the program (except 2021).”
A 2% tax on most real estate transactions across the East End is collected for the community preservation fund, generating $201 million in the last 12 months.
Looking at the latest figures from July, revenues totaled $14.77 million compared to $17.78 million for the same month in 2021.
CPF Figures Broken Down By Town
Shelter Island has seen the biggest fall in CPF figures — 49.9% — despite a recent $9.7 million sale there, a large figure for the small island (that sale will not hit the reported CPF revenues until August). So far this year, the town has received $1.67 million, compared to the $2.74 million it took in during the same time period last year.
The Towns of East Hampton and Southampton are also feeling the slowdown, but both municipalities are still bringing in high figures. East Hampton has received 9.1% less in the first seven months, $40.61 million instead of $44.68 million. Southampton Town took in 8.8% less, going from $72.64 million in the first seven months of ’21 to $66.23 million.
On the North Fork, where the overall figures are always much less, it’s a different story. The Town of Riverhead continues to see a big jump in the CPF figures, fueled by commercial transactions due to a revitalization effort and buyers finding more value on the North Fork, Thiele told Behind The Hedges in recent months.
Riverhead saw an increase of 49.9%, catapulting from $3.75 million in the first seven months of 2021 to $5.62 million so far in 2022. In Southold Town, collections rose 8.3% from $7.47 million to $8.09 million.
Since the community preservation fund was created, it has generated $1.933 billion.
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