Shelter Island CPF money down, but East End numbers show increase
Although Community Preservation Fund revenues are up for the first six months of 2015 compared with the same period last year, Shelter Island is showing a decrease of 11.8 percent.The numbers were released by Assemblyman Fred Thiele Jr. (I-Sag Harbor). The fund is fueled by a tax buyers who purchase property in the five East End towns pay and is dedicated to purchasing farmland and open spaces throughout the area.
Last year’s CPF money represented the highest amount the fund has received during a single year since its inception, the legislator said.
“This reflects the continued strength in East End real estate and the continued availability to local towns of the necessary revenues to protect community character,” Mr. Thiele said.
Shelter Island ended up in the black last year when its fourth quarter numbers spiked, but it had down until that point.
This year, it has taken in $970,000 in CPF money compared with $1.1 million for the first six months of 2014.
While the Shelter Island revenues are down, the five East End towns overall show an increase of 5.5 percent, garnering $48 million as compared with $46 million during the first six months of last year.
Shelter Island isn’t the only town lagging in CPF money. Riverhead showed a 20.7 percent drop from $1.8 million to $1.4 million.
Southold had the largest percentage increase, if not the highest amount in dollars. Its CPF revenues were up 25 percent to $2.76 million from last year’s $2.21 million.
Southampton pulled in 5.8 percent more in CPF money as its pricey properties saw $28.35 million garnered from sales there during the past six months. In 2014, it had taken in $26.79 million.
East Hampton, another South Fork community with pricey real estate, saw a 6.5 percent hike in its CPF money taking in $14.77 million this year as compared with $13.87 million at this time in 2014.
The number of East End real estate transactions rose to 3,689 this year from 3,591 in 2014, Mr. Thiele said. Since its inception, the fund has generated $1.0408 billion and in the last 12 months, it has taken in $110.3 million.
