Revenues for land preservation still on the rise

Shelter Island continuued to lead the other East End towns in percentage increases in Community Preservation Funds for the first 11 months of 2021.

The Island saw an 85.7% increase in its CPF revenues, collecting $4.29 million, compared with $2.31 million for the first 11 months of 2020.

All five East End towns have seen substantial increases in the funds that come from a real estate tax paid by new property buyers, which is used to preserve land and improve water quality.

The latest numbers were released by Assemblyman Fred Thiele Jr. (I-Sag Harbor), who introduced the legislation that created the fund.

East Hampton saw a 75.8% increase, taking in $61 million in 2021, compared with $34.69 million for the first 11 months of 2020.

Southampton has seen a 61.5% increase in its CPF funds, bringing in $110.95 million, compared with $68.69 million in 2020.

Riverhead saw a 55% increase, with $6.26 million coming into its coffers. That’s up from $4.04 million during the first 11 months of 2020.

Southold saw a 49.8% hike, with $12.55 million flowing during the initial 11 months of 2021, compared with $8.38 million the year before. 

  Assemblyman Thiele reported that the Peconic Bay Community Preservation Fund (CPF) produced $195.1 million in revenue for the Peconic Bay Region in the first 11 months of 2021, compared with $118.11 million in 2020. Revenue for 2021 was 65.2% higher than the same period in 2020. Since its inception in 1999, the Peconic Bay Regional Community Preservation Fund has generated $1.794 billion. The CPF has generated $216.4 million in the last 12 months. $17.68 million in CPF revenues was generated this November. Revenues for the same month last year were $15.5 million. This marks the 16th straight month that revenues have exceeded $10 million.