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CPF revenues continue to rise on East End

Revenues for the Peconic Bay Community Preservation Fund during the first seven months of 2021 were 114.8% higher than for the same period in 2020, according to Assemblyman Fred Thiele (I-Sag Harbor), reaching a total of $131.29 million — up from last year’s $61.1 million.

The voter-approved CPF tax was first authorized in the five East End towns in 1999 and has collected more than $1.732 billion since then. 

CPF funds are generated by a 2% tax on real estate transfers and can be used for open space and farmland protection programs. 

“Revenues for the Community Preservation Fund continue to reflect the significant increase in real estate activity on the East End since the advent of the COVID-19 pandemic,” Mr. Thiele said in a press release. 

“This marks the 12th straight month that revenues have exceeded $10 million per month. The last 10 months have all exceeded $15 million per month,” the release said.

Southampton and East Hampton towns, with respective CPF revenue totals of $72.64 million and $44.68 million, saw the greatest revenue gains through July 2021. Those two towns have traditionally raised the most CPF funding on the East End. 

By percentage, the biggest increase was in Shelter Island Town, which increased CPF revenue by 168.6%, despite having the least revenue in terms of dollars, at just $2.74 million. 

The towns of Riverhead and Southold saw revenue jumps of 3.75% and 7.47%, respectively, during the first seven months of this year. 

Riverhead’s CPF totals increased by 56.3% through July 2021, while Southold added 89.1%.

Mr. Thiele said that, despite reports that new contract activity has slowed from pandemic highs due to declining inventory, rising prices and the end of emergency pandemic measures, “this is yet to be reflected in these revenue numbers but should be anticipated in coming months.”