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C.P.F. Income Tops $10 Million for 13th Month

Thu, 10/07/2021 - 12:10

A boom in East End real estate sales has generated nearly $145 million in revenues for the Peconic Bay Community Preservation Fund in the first eight months of 2021, more than double the amount collected during the same time last year, Assemblyman Fred W. Thiele Jr. announced on Sept. 29.

In August, $13.45 million was collected, up from $11.16 in 2020. It was the 13th month in a row that C.P.F. revenues exceeded $10 million.

Still, the market did show signs of cooling off over the summer. Revenues had been $19.8 million in June, and $17.78 million in July. The August numbers were the lowest since September 2020, said Mr. Thiele, who noted that industry professionals have blamed rising prices and decreased inventory for a drop in home sales.

The preservation fund, which provides money for land and historic preservation, water quality improvement, and the protection of maritime heritage, 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.

Revenues from Southampton Town from the start of the year through August were $80.37 million, more than 89 percent higher than last year, and East Hampton Town’s were $48.47 million, an increase of more than 132 percent. Riverhead’s revenues were $4.58 million, up more than 64 percent, and Shelter Island’s were $3.05 million, an increase of more than 167 percent. Southold’s revenues were $8.25 million, an increase of 65 percent.

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