Eastern Long Island sees a dip in Community Preservation Fund revenues
Revenues from the Community Preservation Fund have declined in eastern Long Island’s five towns.
Money for the fund comes from a 2% tax that buyers pay when purchasing property in eastern Long Island. The funds are used for open space preservation and water quality programs.
In the first six months of 2021, the five towns had generated over $113 million. This year, $107 million had been generated during the same time period.
State Assemblymember Fred Thiele, D-Sag Harbor, said real estate activity has taken a dip in the last year. The Hamptons recorded an over 6% decline. Despite that, revenues are still higher than they were pre-pandemic.
Towns on the North Fork, however, saw an increase in funds. Riverhead recorded the largest jump, with about a 44% increase in revenues.