Preservation fund reflects cooler real estate market, but still breaks records for most years

Community Preservation Fund (CPF) revenues for the five East End towns during the first six months of 2022 are 5.3% lower than they were for the same period in 2021.

Money for the CPF comes from a 2% tax that buyers pay when purchasing East End properties and is used in turn to purchase open space for preservation and fund water protection programs.

The five towns took in $113.5 million during the first six months of 2021 and $107.44 million for the same period this year, according to Assemblyman Fred Thiele Jr. (D-Sag Harbor).

“Real estate activity is less than a year ago,” Mr. Thiele said. But it still remains at historically high levels compared with CPF revenues prior to the pandemic.

Two towns — Riverhead and Southold — showed small increases, while Shelter Island, Southampton and East Hampton all experienced declines.

Shelter Island saw a 40.6% dip in its CPF revenues during the first six months of 2022, bringing in $1.48 million this year compared with $2.498 million for the same period of 2021.

Riverhead recorded a 43.9% increase, bringing in $4.75 million through the end of June this year compared with $3.3 million for the same period in 2021.

Southold saw a 3.9% increase this year, garnering $6.87 million this year compared with $6.61 million last year.

While Southampton was down by 6 percent this year, it brought in $59.2 million for the first half of this year as compared with $62.96 million last year.

East Hampton dropped by 7.9 % this year, bringing in $35.14 million this year compared with $38.14 million for the same six months of 2021.

Since its inception in 1999, the Peconic Bay Regional Community Preservation Fund has generated $1.918 billion and the CPF has generated $204.5 million in the last 12 months, Mr. Thiele said.