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CPF revenues were lower in November 2015 than in the same month the previous year. ALEXANDRA TALTY
Once again, the monthly numbers for the Community Preservation Fund were lower in November when compared to revenues raised in 2014. In November 2015, the CPF produced $9.51 million in revenue for the Peconic Bay region, compared to $10.88 million raised in the same month in 2014.
The 11-month total for 2014 is $91.05 million, which is 2.4 percent less than the $93.26 million that was collected in 2014.
Four of the five towns in which the revenue is collected dropped in November 2015 when compared to the previous year.
Shelter Island took the biggest hit, sinking 9.4 percent, from $1.91 million in 2014 to $1.73 million in 2015. East Hampton was next with a 6-percent drop, from $27.38 million in 2014 to $25.75 million in 2015. Riverhead also fell 5.4 percent, from $3.13 million in 2014 to $2.96 million. Finally, Southampton slipped 1.2 percent, from $55.63 million in 2014 to $54.97 million in 2015.
Meanwhile, the one town to enjoy a rise in revenues was Southold, climbing 7.5 percent, from $5.21 million in 2014 to $5.60 million in 2015.
State Assemblyman Fred W. Thiele Jr., who released the report, said in a release, “There is continued stability in the East End real estate market and the continued availability to local towns of the necessary revenues to protect community character. However, 2015 revenues have plateaued and revenues are slightly below 2014.”
The CPF is fed by a 2-percent tax on most real estate transfers for preservation and the like. Since its inception in 1999, the fund has generated $1.084 billion.
on Jan 4, 2016