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Island lags in CPF funds

REPORTER FILE PHOTO |

REPORTER FILE PHOTO |

Shelter Island real estate professionals are in a wait-and-see mode as new numbers released this morning show a continued downturn in Community Preservation Fund income for the first four months of 2016.The Island’s CPF revenues for this year — money generated by a 2 percent tax on property buyers — are $440,000 as compared with $810,000 for the same months in 2015. That represents a 45.7 percent drop.

Just last month, Assemblyman Fred Thiele Jr. (I-Sag Harbor) reported a 19.5 percent drop in Shelter Island’s CPF revenues for the first quarter of 2016 as compared with the same period last year.

Real estate pros have said the numbers lag the market and with time this year, there will be a reversal of the downward trend.

Southampton was the only other East End town to register a decline in both the first quarter and first four month periods and its decline was greater for the four months than it had been for the first three months, according to Mr. Thiele’s office.

Southampton garnered $16.83 million for the first four months of 2016 as compared with $18.04 million for the same period last year.

As for the other three East End towns, all continue to show a percentage increase in CPF money in 2016 as compared with the first four months of 2015.

East Hampton took in $11.72 million in CPF money in the first four months of 2016  compared with $8.76 million for the same period last year.

Southold CPF funds were up by 10.1 percent, bringing in $1.97 million this year as compared with $1.79 million last year.

Riverhead was up by 2.2 percent for the same four months this year as compared to $9.2 million for the same period in 2015.

The overall increase in CPF revenues throughout the East End was up by 5.3 percent for the four months of 2016 compared with the same period last year. Revenues were $31.91 million this year as compared with $30.31 million last year.

Overall, real estate sales on the East End continue to be strong, particularly in East Hampton and Southold, Mr. Thiele said.

He noted that towns are considering whether or not to include a referendum on the November ballot that would allow up to 20 percent of CPF funds to be allocated to water quality protection.

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