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Real Estate Market and Preservation Fund Are Surging

Thu, 10/01/2020 - 11:44

Because of a booming real estate market, revenues for the Peconic Bay Region Community Preservation Fund in August were $11.16 million, an increase of more than 85 percent from same month last year, Assemblyman Fred W. Thiele Jr. announced on Monday.

"The increase in revenue continues to be fueled by the exodus from New York City and other population centers to the East End," Mr. Thiele said.

The preservation fund, which provides money for land preservation, water quality improvement, and the protection of maritime heritage, receives the proceeds of a 2-percent real estate transfer tax. The money goes to the five East End towns: East Hampton, Southampton, Shelter Island, Southold, and Riverhead.

For the first eight months of the year, the fund has collected a record $72.26 million, and each of the towns except Southold has had revenue increases from the previous year. Revenues from Southampton Town were $42.47 million, up nearly 45 percent, and East Hampton Town's were $20.87 million, an increase of nearly 37 percent. Riverhead's revenues were $2.79 million, up nearly 29 percent, and Shelter Island's were $1.14 million, an increase of nearly 12 percent. Southold's revenues were $5 million, a 1.4 percent decrease from 2019.

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