Saunders, Real Estate, Hamptons

Hamptons Life

Feb 21, 2018 10:35 AMPublication: The East Hampton Press & The Southampton Press

Community Preservation Fund Rakes In $95.9 Million In 2017

Feb 21, 2018 11:36 AM

Peconic Bay Region Community Preservation Fund revenues rose last year compared to 2016, but 2017 was not a record-breaking year.

Revenue in 2017 was 2.3 percent higher than 2016, but only the fourth highest total in the history of the program, according to New York State Assemblyman Fred W. Thiele Jr.’s office. The five East End towns collectively brought in $95.9 million over the course of the year for the CPF, which is funded through a 2 percent tax on real estate transactions.

The record for the most CPF revenue collected in a year was set in 2014, when the total was $107.8 million.

The Town of Southampton raked in $56.4 million in 2017, a 3 percent year-over-year increase. The Town of East Hampton collected $26.7 million, which was a 0.8 percent decrease. Riverhead saw an 8.3 percent gain and Southold revenues ticked up 7.3 percent. Shelter Island stayed flat.

Since its inception in 1999, the CPF has generated $1.283 billion. The money collected may be used by towns to preserve farmland and open space and to create parks. In 2016, voters approved expanding the scope of the CPF to address water quality issues. Up to 20 percent of revenue may now be used for water quality initiatives.

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