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East End land preservation fund nearly doubles over same period last year
Bolstered by an end-of-year flurry of real estate deals, the program fund to protect East End land nearly doubled for the first three months of 2013 compared to a year ago.
The Peconic Bay Community Preservation Fund raised $20.23 million in the first quarter of the year, compared to $10.5 million in 2012.
That money, raised from a 2 percent tax when East End property is sold, is used by the five eastern towns to purchase and protect land.
Since authorized by the State Legislature and passed by voters in 1998, the program has raised $800 million, according to Assemb. Fred Thiele Jr. (I-Sag Harbor).
Thiele stated, “The substantial increase in 2013 revenues has been driven by an extraordinary one month total of $11.13 million for January 2013, which appeared to be driven by year end closings in response to federal tax changes. However, revenues for both February and March of 2013 were also higher than those months a year ago.”
The Town of Southampton had the most significant increase, jumping from $6.57 million in the first quarter of 2012 to $12.35 million for the same period in 2013.