The Community Preservation Fund seems to be on a roll again this year, with revenues topping those for the first half of 2014—the strongest year in the fund’s history.
Across the five East End towns, $48.28 million was raised from January to June in 2015, a 5.5-percent increase over the $45.76 million tally for the first six months of 2014. June revenues totaled $9.02 million; revenues for June 2014 were $7.50 million.
The number of transactions subject to the CPF’s 2-percent tax was up as well. This year, there were 3,689 sales, compared with 3,591 in the first six months of 2014.
As usual, Southampton Town was the top revenue producer among the five towns, hauling in $28.35 million in the first half of 2015, a 5.8-percent increase over last year’s $26.79 million. East Hampton Town was second, pulling in $14.77 million, a 6.5-percent increase over $13.87 million for the same time period last year.
Southold Town’s jump was highest—a 24.9-percent rise, from $2.21 million to $2.76 million. Riverhead Town, on the other hand, saw a 20.7-percent decrease, from $1.79 million to $1.42 million. Shelter Island Town also lost some ground, an 11.8-percent decline, from $1.1 million in 2014 to $0.97 million this year.
The CPF has generated $110.3 million in the last 12 months, according to the office of State Assemblyman Fred W. Thiele Jr.
Formally called the Peconic Bay Regional Community Preservation Fund, the CPF raises money through a tax on most real estate transactions to preserve community character, primarily through the preservation of open space and historic resources. Since its inception in 1999, the fund has taken in $1.04 billion.
Virginia Garrison on Jul 27, 2015