With figures for the first half of 2022 in, Peconic Bay Community Preservation Fund (CPF) revenues show that 5.3% less money was collected as compared to the same period last year.
It’s no surprise, as real estate market activity in the Hamptons and on the North Fork has slowed down from the height of the COVID-19 pandemic. A 2% tax on most real estate transactions across the East End is collected for the community preservation fund.
“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 Assemblyman Fred W. Thiele Jr., the architect of the CPF program, who reported that revenues for the first six months were $107.44 million.
By comparison, $113.5 million was collected in the first half of 2021.
Still, he says, “Revenues for the first six months of 2022 are the second highest for the first six months in the 24-year history of the program (except 2021).”
Thiele adds that the 2022 revenues for the first six months are higher than 20 of 23 years. Only 2014, 2020, and 2021’s figures are higher.
For the last few months, the monthly figures have been reported as slowly decreasing from 2021, of course.
The most recent figures released for June show a total of $17.85 million was taken into the coffers based. Meanwhile, in June of 2021 $19.82 million had been collected.
In the last 12 months, the fund. has generated $204.5 million.
Since its inception in 1999, CPF has generated $1.918 billion in revenues for the five East End towns, which use the money to preserve open space, historic properties and more.
Riverhead Town remains the only town to have seen a significant increase in revenue. In the first six months of 2022, it collected 43.9% more than the same period last year — taking in $4.75 million versus $3.3 million. Last month, Thiele attributed it to an increase in commercial transactions due to a revitalization effort and buyers finding more value in the Riverhead market than elsewhere on the East End.
Southold Town is also seeing a bit of a bump after 2022’s first-half figures came in. The town received 3.9% more so far this year with $6.87 million as compared to $6.61 million last year.
On the South Fork, East Hampton Town saw the biggest decline — 7.9% — falling from $38.14 million to $35.14 million.
Southampton Town collected 6% less, taking in $59.2 million so far in 2022, as compared to $62.96 million for the first six months of 2021.
Shelter Island took in a whopping 40.6% less during this time frame, collecting only $1.48 million in revenues, as compared to $2.49 million for the same period last year.