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Community Preservation Fund

Riverhead will not seek to establish half-percent transfer tax to fund affordable housing

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There will be no ballot referendum this year in Riverhead to add a half-percent real estate transfer tax to  build revenue for town-sponsored affordable housing opportunities, as the Town Board has determined that the town has enough affordable housing and the state law allowing East End towns to create a “community housing fund” is not meant for Riverhead.

Booming real estate market continues to drive surge in preservation tax revenue

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A booming real estate market continues to push preservation fund tax revenues upward. The tax revenues, drawn from a 2% transfer tax on real estate sales, can be used to purchase farmland and open space and fund water quality improvement projects.

Second straight year of record-breaking land preservation tax revenues for East End

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The pandemic-fueled red-hot real estate market on the East End has boosted land preservation funds by record amounts. In Riverhead, 2021 CPF transfer tax revenues exceeded the town's budget projection by more than 70%.

Pandemic-fueled surge in East End real estate market pushes preservation tax revenues to new record highs

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The red-hot real estate market on the East End continues to push home prices higher and break revenue records for the Peconic Bay Community Preservation Fund, which is generated by a 2% tax on real estate transfers in the five East End towns. High demand in the luxury markets on both forks continues to drive the growth.

Pandemic’s hot real estate market drives East End preservation tax revenues to historic high

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Peconic Bay Community Preservation Fund's revenues in 2020 — $139.42 million —were higher than any other year in the preservation program's 22-year history.
house for sale

Slumping real estate sales mean 31% drop in transfer-tax revenue for Riverhead

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Riverhead's Community Preservation Fund revenues are more than 31% so far compared to 2018, thanks to a regional slow-down in the real estate market.

Preservation fund revenues rise in 2017, up 8.3 percent in Riverhead

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Real estate transfer tax revenues in 2017 reached the fourth highest total in the 19-year history of the program, Assemblyman Fred Thiele announced this week.

Second quarter home sales surge in Riverhead, boosting CPF tax revenues

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Second quarter sales in Riverhead Town topped $51 million, an increase of almost 19 percent over the second quarter of 2016.

Riverhead Town gets encouraging words from Moody’s but no credit upgrade

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Moody's Investors Service does not change Riverhead Town's credit rating but offers positive comments about the town's fiscal condition.

In My Opinion Why you should vote ‘yes’ for Prop One – for land preservation and water quality

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Residents of the Town of Riverhead, you and I have what it takes to shape the future of our community, ensure our rural quality of life, and continue to protect our critical, natural resources.
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