CPF Rebounds

Posted on 06 August 2014

The Peconic Bay Community Preservation Fund, which collects a 2-percent tax for open space purchases from most real estate actions, saw its revenues rise by 4.3 percent for the first half of 2014 as compared to the same period in 2013.

So far, according to a press release from New York State Assemblyman Fred W. Thiele Jr., a total of $45.75 million has been collected this year. That compares to $43.87 million for the first six months of 2013.

Southampton Town continued to lead in revenue. It collected $26.79 million, an increase of 4.6 percent from last year. East Hampton Town saw a decline of 3.2 percent, collecting $13.87 million. Southold collected $2.21 million, an increase of 30.8 percent, Riverhead collected $1.79 million, an increase of 68.9 percent and Shelter Island collected $1.1 million, a decline of 5.2 percent.

“The CPF continues to see steady growth in revenues in the first six months of 2014, exceeding 2013 by 4.3 percent. The highest percentage increases have been on the North Fork. 2013 was the second largest year for CPF revenues, exceeded only by 2007. For the first six months, CPF revenues have been consistently between $7 and $8 million per month. This reflects the continued strength and stability in East End real estate and the continued availability to local Towns of the necessary revenues to protect community character.”

Since its inception on 1999, the Peconic Bay Regional Community Preservation Fund has generated a total of $930.5 million. The CPF has generated $97.33 million in the last 12 months.

 

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