CPF Revenue For The First Half Of 2022 Is Down 5.3 Percent

Peconic Bay Community Preservation Fund revenue for the first half of the year was $107.44 million, a dip of 5.3 percent compared to the first six months of 2021, according to data released by the office of State Assemblyman Fred W. Thiele Jr.

In June 2022 alone, the CPF, which is funded through a 2 percent tax on real estate transfers in the five East End towns, brought in $17.85 percent. That compares to $19.82 in June the year prior and makes for a 9.9 percent year-over-year decrease.

Southampton accounts for $59.2 million, or 55.1 percent, of the total haul for the half across the East End. The town brought in 6 percent less than it did in the first half of 2021. East Hampton brought in $35.14 million, a 7.9 percent decline.

Still, first-half CPF revenue in 2022 blows out of the water the first-half totals in 2019, when only $38.23 million was collected between January and June, and 2020, when $53.28 million was added to CPF coffers.

“Real estate activity is less than a year ago. However, CPF revenues in 2022 remain at historically high levels when compared to revenues before the pandemic,” Thiele said in a statement. “Revenues for the first six months of 2022 are the second highest for the first six months in the 24-year history of the program (except 2021). The 2022 revenues for six months are higher than 20 of 23 years (except 2014, 2020, and 2021) for 12 months.”

Over the 24-year history of the program, revenue across the five East End towns cumulatively is $1.92 billion.