One month after the Peconic Bay Community Preservation Fund recorded the highest first quarter revenues in its 22-year history, Assemblyman Fred W. Thiele Jr. announced last Thursday that in April revenues had fallen to a level more on par with 2019.
The fund, which provides money for land preservation and water quality improvement, receives the proceeds of a 2-percent real estate transfer tax in the five East End towns: East Hampton, Southampton, Shelter Island, Southold, and Riverhead.
During most of the first three months of 2020, before the Covid-19 pandemic, the real estate market had been booming, and the fund received $30.92 million in revenues, nearly 87 percent more than the $16.54 million collected during the same period last year.
In April, $7.403 million was collected, a fraction more than the $7.401 million received in April 2019. Mr. Thiele said he saw that as a positive sign. “Despite the institution of New York Pause in mid-March . . . clearly, real estate activity has continued across the East End over the past month,” he said, referring to the economic lockdown caused by the pandemic. Revenues for this year are now a little more than 60 percent higher than for the first four months of 2019.
Revenues from Southampton Town were more than $23 million, nearly 94 percent higher than last year, and East Hampton Town’s were just under $10 million, an increase of nearly 19 percent. Riverhead’s revenues were $1.58 million, up 56 percent, Shelter Island’s were $630,000, an increase of nearly 54 percent, and Southold’s were nearly $3 million, up more than 34 percent.