Community Preservation Fund

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.

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.

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.

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

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

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.