Community Preservation Fund revenue for the start of 2019 is down 28.9 percent from the same period in 2018, and February 2019 revenue was the lowest February total since 2013, according to the office of State Assemblyman Fred W. Thiele Jr.
Among the five East End towns, the most dramatic dip was in Southampton, where revenue was down 39.6 percent in the first two months of the year. Revenue dipped from $10.06 million to $6.08 million.
East Hampton saw a 15.6 percent decrease, from $4.85 million to $4.09 million.
Riverhead bucked the trend—there, revenue grew 35 percent year-over-year, from $400,000 to $540,000.
Southold was down 15.1 percent, from $1.26 million to $1.07 million, and Shelter Island dipped 34.5 percent, from $290,000 to $190,000.
The CPF is funded through a 2 percent tax on most real estate transactions. The money can be used for land preservation and water quality improvements.
“It is impossible to determine trends based on two months of CPF revenues,” Mr. Thiele said in a statement. “At least a quarter of a year of data is required to determine whether the revenue drop for the beginning of 2019 is an aberration or a significant change in the real estate market.”
He added, “Local government officials should closely monitor CPF revenues in the coming months and be cautious in making any long-term projections.”
27east on Mar 29, 2019