Funds for land preservation breaks record

The Peconic Bay Community Preservation Fund (CPF) revenues for 2021 represent the highest annual total in its history. Assemblyman Fred Thiele Jr. (I-Sag Harbor), sponsor of the CPF legislation enacted in 1998, announced that $210.64 million had reached the coffers of the five East End towns in 2021.

In 2020, then considered a banner year for CPF revenues, the fund distributed $139.42 million. The 2021 revenues represent a 51.1% increase compared to 2020.

The money is generated from a 2% real estate transfer tax paid by property buyers in the East End towns and used for land preservation. In 2015, voters agreed that up to 20% of the revenue could be allocated for water quality improvement projects.

The onset of the COVID-19 pandemic in 2020 spurred a buying frenzy among people seeking safety from the illness by moving from crowded cities to the quieter East End towns.

Although there have been signs that the real estate market is cooling, it has, at least to date, continued to generate solid revenues.

Shelter Island saw a 61.4% increase in its CPF 2021 revenues above what was raised in 2020, receiving $4.97 million last year, compared to $3.08 million the year before.

East Hampton saw a 63.1% increase, netting $66.77 million last year, compared to $40.94 million in 2020.

Southampton revenues in 2021 were 46.7% more than the previous year, bringing in $118.38 million, compared to $80.71 million in 2020.

Southold and Riverhead were tied, with both registering a 39.7% increase. Southold brought in $13.62 million in 2021, compared to $9.75 million the year before, and Riverhead brought in $6.9 million last year compared to $4.94 million in 2020.

Since its inception in 1999, the Peconic Bay Regional Community Preservation Fund has generated $1.81 billion.