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04/26/17 8:00am
REPORTER FILE PHOTO The Community Preservation Fund collects taxes on real estate sales to spend on open space aquisitions and water protection programs.

REPORTER FILE PHOTO The Community Preservation Fund collects taxes on real estate sales to spend on open space aquisitions and water protection programs.

Shelter Island is bucking the trend when it comes to East End municipalities’ declining Community Preservation Funds. They are down throughout the East End by 14.6 percent for the first quarter of 2017 as compared with the same period last year.

But on the Island, which frequently lagged the other four towns last year, CPF revenues are up by 30 percent, rising from $330,000 for the first quarter of 2016 to $430,000 for the same period this year. Funds come from a 2 percent tax buyers pay to buy East End properties and is used to purchase open space and  fund water protection programs. (more…)