Island CPF numbers continue to decline

The Community Preservation Fund (CPF) numbers for the first six months of this year show a decline of 41.6 percent in revenues for Shelter Island. The five month reading showed a 41.3 percent decline.

The CPF is funded money from a 2 percent tax that property buyers pay for property acquisitions. The money is used primarily to acquire open spaces and farmland, but up to 20 percent in each town can be used for water quality improvement projects.

The Island’s CPF brought in $590,000 for the first six months this year as compared with $1.01 million last year, according to Assemblyman Fred Thiele Jr. (I-Sag Harbor).

Of the five East End towns,  Southampton also reflected a decline in CPF revenues, but not as much as Shelter Island’s. Southampton was down by 4.4 percent for the first five months of this year compared to the same period in 2017.

Riverhead showed the largest increase — up 34 percent for the first six months this year over the same period last year. The town brought in $2.05 million this year as compared with $1.53 million in 2017.

East Hampton saw a 27.8 percent increase, bringing in $16.77 million this year as compared with $13.12 million in 2017.

Southold was up by 8.7 percent from $3.57 million last year to $3.88 million this year.

Overall on the East End, Mr. Thiele said CPF revenues rose from $49.29 million last year to $50.17 million this year.

Since its inception in 1999, the Community Preservation Fund has generated $1.33 billion.

Although it has been reported that real estate prices and numbers of sales are down on the East End in the second quarter due to changes in the federal tax structure, Mr. Thiele said the market is “complicated” and is driven by the high end of the market on the South Fork.

Despite Southampton’s decline, East Hampton’s increase shows the high-end market “continues to be strong,” he said.