CPF revenue continues to grow in the East End


Peconic Bay Community Preservation Fund’s revenues in the first seven months of 2021 were 114.8% higher than the same period in 2020, according to Congressman Fred Thiele (I-Sag Harbor), reaching a total of 131.29 million dollars – up from last year. $ 61.1 million.

The voter-approved CPF tax was first authorized in the five cities of the East End in 1999 and has raised more than $ 1.732 billion since then.

CPF funds are generated by a 2% tax on land transfers and can be used for programs to protect open spaces and farmland.

“Community Preservation Fund revenues continue to reflect the significant increase in real estate activity in the East End since the advent of the COVID-19 pandemic,” Thiele said in a press release.

“This marks the 12th consecutive month revenue has exceeded $ 10 million per month. The past 10 months have all exceeded $ 15 million per month, ”the statement said.

The cities of Southampton and East Hampton, with respective total CPF revenues of $ 72.64 million and $ 44.68 million, recorded the largest revenue gains through July 2021. These two cities have traditionally raised the most CPF funding in the East End.

In percentage terms, the biggest increase was in Shelter Island Town, which increased CPF revenue by 168.6%, despite having the least revenue in terms of dollars, to just 2.74 million. of dollars.

The towns of Riverhead and Southold saw their revenues increase by 3.75% and 7.47%, respectively, in the first seven months of this year.

Riverhead’s CPF totals rose 56.3% through July 2021, while Southold added 89.1%.

Mr Thiele said that despite reports that new business activity has slowed from pandemic highs due to declining inventories, rising prices and the end of emergency measures in the event of pandemic, “this is not yet reflected in these revenue figures but should be anticipated in the coming months.”

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