Saunders, Real Estate, Hamptons

Hamptons Life

Jan 5, 2015 4:48 PMPublication: The East Hampton Press & The Southampton Press

Annual CPF Revenues Expected To Eclipse $100 Million In 2014

Jan 11, 2015 1:10 PM

The Peconic Bay Community Preservation Fund is on track for a strong finish in 2014, with November revenues outperforming those from the same month a year earlier.

The fund produced $10.88 million in November 2014, up from $7.06 million in 2013, State Assemblyman Fred W. Thiele Jr. said in a press release. The 11-month total for 2014 of $93.26 million was 12.6 percent higher than a year ago for the same period, when $82.79 million was collected.

Revenues rose in almost all of the five East End towns for the first 11 months of 2014 compared with those in 2013. Southampton leaped 14.7 percent, from $48.49 million in 2013 to $55.63 million in 2014. In East Hampton, revenues were up 6 percent, from $25.82 million to $27.38 million. Southold Town saw a sizable increase of 25.8 percent, from $4.14 million to $5.21 million; while Riverhead rose a whopping 34.9 percent, from $2.32 million to $3.13 million. Shelter Island is the only township that experienced a decrease, a 5.9 percent drop from $2.03 million to $1.91 million.

The five East End towns raise CPF money for public land preservation through a tax on real estate transfers. Since its inception in 1999, the tax has generated $978 million.

With one monthly report remaining, annual revenues for 2014 were, for the first time ever, projected to eclipse $100 million. “At the 11-month mark, CPF revenues in 2014 are on track to produce the highest annual total in the history of the program,” said Mr. Thiele.

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Time to reduce the tax or do away with it all together.
By The Real World (368), southampton on Jan 5, 15 6:56 PM
Nooooo...time to put its revenues to ever more good use.
By PQ1 (167), hampton bays on Jan 5, 15 10:07 PM