Community Preservation Fund Has Brought In $131M This Year Through July - 27 East

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Community Preservation Fund Has Brought In $131M This Year Through July

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Community Preservation Fund Revenue for the first seventh months of the year.

Community Preservation Fund Revenue for the first seventh months of the year.

authorStaff Writer on Sep 1, 2021

The Peconic Bay Community Preservation Fund has brought in $131.29 million in the first seven months of the year, more than double the same months in 2020.

CPF revenue in 2021 so far is up 114.8 percent compared to last year, and outperforming 2019 by 180.5 percent.

State Assemblyman Fred W. Thiele Jr.’s office reported that in July 2021 alone, the CPF raked in $17.78 million, compared to $7.82 million in July 2020, an increase of 127.4 percent.

The surge in CPF revenue is a sign of the strength of the real estate market on the East End.

The CPF raises funds for open space preservation and water quality protection through a 2 percent tax on real estate sales. As home values have shot up since the early months of the COVID-19 pandemic, CPF revenue has reached new highs. In the last 12 months, it has generated $209.6 million.

Southampton Town is responsible for more than half of the CPF’s record haul on the East End so far this year, at $72.64 million, a 99.2 percent year-over-year increase. East Hampton’s $44.68 million is a 159.9 percent increase.

The lowest revenue total but the biggest percent increase was in Shelter Island Town, where $2.74 million amounted to a 168.6 percent spike.

“This marks the 12th straight month that revenues have exceeded $10 million per month,” Mr. Thiele said in a statement last week. “The last 10 months have all exceeded $15 million per month.”

He added, “It has been reported that because of declining inventory, rising prices and the end of emergency pandemic measures, that new contract activity has slowed recently from pandemic highs. This is yet to be reflected in these revenue numbers but should be anticipated in coming months.”

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