Shelter Island lags in preservation funds
Assemblyman Fred Thiele Jr. announces latest preservation fund totals.
Shelter Island income from the Community Preservation Fund in February is down from the same month last year. Shelter Island showed a 29.4 percent decrease for February or revenue of $360,000, compared with $510,000 for the same month in 2014.
In Riverhead, the CPF funds were down by 18 percent, bringing in $360,000 in February compared with $440,000 for same month in 2014.
The CPF is funded by a real estate tax on buyers of property.
The other three East End towns — Southold, Southampton and East Hampton — all received an increase in CPF funds this February.
The numbers were released by Assemblyman Fred Thiele Jr. (I-Sag Harbor), who pointed out that year-to-date numbers are better, reflecting a 4.9 percent increase in all five East End towns — from $14.6 million last year to $15.32 million this year.
East Hampton showed the largest increase, 14 percent or $4.2 million this February as compared with $3.7 million last year. Southold showed a 15 percent increase this February, receiving $680,000 this February as compared with $590,000 last year. Southampton was up by 3.5 percent or $9.7 million this year as compared with $9.4 million last February.
Last year, Shelter Island lagged behind the other four East End towns until the fourth quarter when a lot of sales local real estate professionals said were in the pipe line closed.
This year, the local real estate professionals have spoken about a lack of listings and have aggressively been advertising for those considering selling their properties to list them now when they say buyers are hungry to purchase.
