Peconic Bay Community Preservation Fund revenues in 2020 were higher than any other year in the program’s 22-year history.
The CPF produced $139.42 million in revenue for the Peconic Bay Region in 2020 — 79% higher than in 2019, according to date reported yesterday by Assemblyman Fred Thiele.
The CPF derives revenues from a 2% transfer tax on real estate sales in the five East End towns and so provides a useful barometer of how active the real estate market is and whether property values are increasing.
The regional real estate market saw a boom in 2020, fueled by an exodus from New York City to the East End as the coronavirus pandemic swept through New York.
Riverhead continues to lag far behind three of the four other East End towns in CPF revenues collected, despite its 44% increase in CPF revenues in 2020 over 2019.
CPF revenues in Riverhead Town last year totaled $4.94 million, up from $3.42 million in 2019. It was the fourth highest annual total CPF revenues for Riverhead since the inception of the fund in 1999.
Southold saw $9.75 million in CPF revenues in 2020, up 31.6% from 2019.
Southampton and East Hampton came close to doubling CPF revenues year over year. Southampton had an 88.3% increase over 2019 — collecting $80.71 million last year compared to $42.86 million the year before.
East Hampton saw an 80.8% increase, from $22.65 million in 2019 to $40.94 million in 2020.
Shelter Island’s CPF revenues, $3.08 million in 2020, doubled year over year, up from $1.54 million in 2019.
Prior to 2020, the most ever collected in CPF revenues in one year was the $107.69 million generated in 2014.
Since it inception in 1999, the CPF has produced $1.6 billion in revenue for the Peconic Bay region, said Thiele, who with former State Sen. Ken LaValle co-authored the legislation that created the CPF.
The 2% tax on real estate transfers in the five East End towns was created to fund land preservation purchases in each town. It has protected more than 10,000 acres of land. In 2015, the CPF was extended to 2050 and amended to allow up to 20% of CPF revenues to be expended on eligible water quality improvement projects, such as wastewater treatment improvement and pollution prevention projects and aquatic habitat restoration projects. Voters approved the changes in 2016.
The survival of local journalism depends on your support.
We are a small family-owned operation. You rely on us to stay informed, and we depend on you to make our work possible. Just a few dollars can help us continue to bring this important service to our community.
Support RiverheadLOCAL today.
