Community Preservation Fund Revenue Up 46 Percent In First Three Quarters Of 2020 - 27 East

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Community Preservation Fund Revenue Up 46 Percent In First Three Quarters Of 2020

authorStaff Writer on Oct 27, 2020

Community Preservation Fund revenue across the East End for the first nine months of 2020 has already surpassed the revenue total for all 12 months of 2019.

The CPF, which is funded through a 2 percent tax on real estate transactions in the five East End towns, has collected $84.68 million through September this year, compared to just $58.2 million during the same period a year prior. That’s a 46 percent increase.

The office of New York State Assemblyman Fred W. Thiele Jr. reports that the CPF added $12.42 million to its coffers this September.

“CPF revenues for September 2020 are more than double last year’s total for the same month,” Mr. Thiele said in a statement. “The nine-month total for 2020 is the highest year-to-date revenue total in the 21-year history of the CPF. The increase in revenue continues to be fueled by the exodus from New York City and other population centers to the East End.”

The Town of Southampton has seen the most growth. In the first three quarters of 2020, the town’s CPF revenue rose 59 percent, year-over-year, to $50.03 million. Meanwhile, East Hampton saw a 38 percent increase to $23.95 million.

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