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Revenues for the Peconic Bay Region Community Preservation Fund for the first six months of 2018 increased 1.8 percent compared to the same period last year—$50.17 million verses $49.29 million.
The fund is generated by a 2 percent tax on most real estate trades in East Hampton, Riverhead, Shelter Island, Southampton and Southold to preserve farmland and open space, create parks and address water quality issues.
According to a report by New York State Assemblyman Fred W. Thiele Jr.’s office on Friday, East Hampton gained 27.8 percent more revenue over last year—$16.77 million compared to $13.12 million in the first half of 2017—while revenues were down 10.6 percent in Southampton—$26.88 million compared to $30.06 million.
“It has been widely reported that real estate sales and prices are down on the East End in the second quarter, in the wake of the federal tax changes at the end of 2017,” Mr. Thiele said in a statement. “However, the market is a complicated one. The level of CPF revenues is largely driven by the high end of the market, especially on the South Fork. It is clear that the high end of the market continues to be strong.”
Revenues were up 34 percent in Riverhead and 8.7 percent in Southold, but down 41.6 percent in Shelter Island. Cumulative CPF revenues top out at more than $1.33 billion since its inception in 1999—nearly $96.8 million was generated in the last year.
on Aug 20, 2018