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The Peconic Bay Community Preservation Fund raked in $177.37 million in the first 10 months of 2021, a 72.9 percent increase compared to the same months in 2020.
The Peconic Bay Community Preservation Fund raked in $177.37 million in the first 10 months of 2021, a 72.9 percent increase compared to the same months in 2020.
With two months of revenue still to be added to the annual total, 2021 is already a record-breaking year for the CPF, which collects revenue from a 2 percent tax on real estate transactions in the five East End towns. That makes 2021 the second year in a row that a revenue record was broken. In the entirety of 2020, the fund raised $139.42 million, exceeding the previous record of $107.69 million set in 2014.
In October 2021 alone, CPF revenue amounted to $18.49 million across Southampton, East Hampton, Shelter Island, Riverhead and Southold towns, a 3.1 percent year-over-year increase.
“Revenues for the CPF in October 2021 are higher than a year ago,” stated New York State Assemblyman Fred W. Thiele Jr., the architect of the CPF. “This marks the 15th straight month that revenues have exceeded $10 million. Revenue for October is the highest since June of this year.”
CPF revenue stays in the town where the taxed property sale occurred. In the Town of Southampton, revenue this year through October is $100.33 million, a 67 percent increase. In East Hampton Town, the total is $56.84 million, a 88.5 percent increase.
Towns may spend CPF money for open space and community character preservation and water quality protection, among other purposes.
Staff Writer on Dec 13, 2021