Island’s CPF revenues show healthy bounce
Shelter Island continues to show a rise in Community Preservation Fund money representing the 2 percent tax paid by buyers of property on the Island.
The Island took in $1.01 million for the first six months of 2017 compared with $840,000 for the same period last year, representing a whopping 20.2 percent increase, according to Assemblyman Fred Thiele Jr. (I-Sag Harbor).
Overall,the assemblyman noted the five East End towns showed an increase of 6.8 percent. Numbers had been lagging in most towns until now, and Mr. Thiele had said he thought the real estate market had hit a plateau since 2014.
But now the six month tallies reveal a turnaround .
July’s revenue total of $11.23 million is the largest monthly revenue total since December 2014, Mr. Thiele said. He said CPF revenues are on pace to reach $100 million by the end of the year.
In all but East Hampton, revenues increased for the first six months of 2017. There the CPF revenues dropped by 20.4 percent at the six month mark, bringing in $13.12 million for the first six months of this year as compared with $16.48 last year.
The Island joined three other East End towns in showing an increase this year, with only East Hampton lagging behind last year’s numbers. Southold topped the list with a 26.1 percent increase, bringing in $3.57 million during the first six months of 2017 as compared with $2.83 million for the same period in 2016. Southampton was close behind, raising its CPF income by 22.1 percent on revenues of $30.06 million this year as compared with $25.62 million last year.
Riverhead also saw an increase by 10.1 percent on revenues of $1.53 million this year as compared with $$1.39 million last year.
Since CPF money began flowing to the East End in 1999, $1.236 billion has been provided to fund land preservation efforts.
