Hamptons Market Generates 115% Increase in Community Preservation Revenue
According to Behind the Hedges, income for the East End Community Preservation Fund is overwhelming compared to last year, thanks to the heat of the housing market.
The Peconic Bay Community Preservation Fund is funded by a 2% real estate transfer tax on transactions in East Hampton, Southampton, Riverhead, Shelter Island and Southold.
Revenues for the first seven months of 2021 exceed $ 131 million, an increase of 115% from the $ 61.1 million generated in the same period last year.
“The last 10 months have all exceeded $ 15 million per month,” said Fred Thiele, member of the Southampton Assembly.
The Hamptons have seen a surge in activity since the start of the pandemic, although it has started to slow down. The impact on the fund’s income “should be anticipated in the coming months,” Thiele said.
Shelter Island saw the largest percentage increase in open space tax revenue – an increase of 168.6%, from just over $ 1 million to around $ 2.75 million.
Southampton sales generated the most revenue at $ 72.6 million, double the total from January to July of last year.
So much money has been poured into the open space fund that questions have arisen about how to spend it.
[Behind the Hedges] – Denis lynch