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Hamptons Life

Apr 28, 2015 4:48 PMPublication: The East Hampton Press & The Southampton Press

CPF Sees A Relatively Strong First Quarter

Editor's Note: Have a real estate tip? SHARE IT WITH OUR REAL ESTATE TEAM!
Apr 28, 2015 5:18 PM

Overall revenues from first-quarter real estate sales on the East End helped fill the coffers to preserve land, but individual town yields were a mixed bag. The Peconic Bay Community Preservation Fund’s first-quarter revenues were 3.5 percent more than for the first quarter a year ago, climbing to $22.6 million from $21.85 million.

State Assemblyman Fred W. Thiele Jr., who released a CPF report on Monday, said in a statement, “This reflects the continued strength in East End real estate and the continued availability to local towns of the necessary revenues to protect community character.”

CPF revenues were up in two towns year to year. East Hampton rose 35 percent from 2014, with $7.06 million compared to $5.23 million. Southold also came out on top, rising 15.8 percent over last year, with $1.10 million compared with $950,000.

However, most towns experienced a revenue hit compared to the first quarter of last year. While Southampton collected the most money of all five towns, at $13.39 million, it was still down 7.1 percent, from $14.3 million in the first quarter of last year. Riverhead collected three quarters of a million dollars, down 11.8 percent from $850,000 in 2014. Finally, Shelter Island plunged 21.2 percent from the first quarter of last year, collecting $410,000 compared with $520,000.

In addition, the number of first-quarter transactions was down, from 1,716 in 2014 to 1,240 this year across the five East End towns.

Ultimately, the first quarter of 2015 was a roller coaster in revenue collection. January jumped 19.4 percent from last year, producing $8.37 million in revenue, compared with $7.01 million in January 2014. February revenues dropped 8.6 percent year to year, totaling $6.95 million compared with $7.6 million collected in February 2014. In March, revenues inched back up, totaling $7.31 million, compared with $7.25 million in March 2014.

Since its inception in 1999, the CPF has generated more than $1 billion, with the last 12 months alone generating $108.46 million.

The fund tacks on a 2-percent tax to most real estate transfers and is exclusive to the East End. Revenues from the tax are put into a fund in each of the five towns that is set aside for open space purchases and historic preservation. The tax is set to expire in 2030.

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Hey CPF...how about the Meyer Farm land in Eastport that is now landlocked and vacant?? Eastport needs some tax relief badly!
By Mouthampton (331), Southampton on Apr 29, 15 4:27 PM
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