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C.P.F. Revenues Fall Again

Wed, 12/04/2019 - 12:21

The slowdown in the real estate market has continued to hurt revenues for the Peconic Bay Region Community Preservation Fund, which Assemblyman Fred W. Thiele Jr. announced on Friday totaled $63.35 million in the first 10 months of the year, compared to nearly $81.27 million in the same period of 2018.

The fund, which provides money for land preservation and water quality improvement, 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.

Through October, C.P.F. revenues from home sales had fallen 29.3 percent in East Hampton, 28.7 percent in Riverhead, 21.2 percent in Southampton, and one-tenth of a percent in Southold. Shelter Island’s were up 28.9 percent.

“The revenue projection for 2019 is about $75 million,” said Mr. Thiele. That would be the lowest annual total since 2012, he said.

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