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East End's real estate tax revenue jumps
Revenue from a 2 percent tax on East End real estate transactions jumped up nearly 52 percent for the first five months of the year compared to a year ago.
Assemb. Fred W. Thiele Jr. (I-Sag Harbor) said the tax revenue for the Peconic Bay Community Preservation Fund is set to generate its highest total since 2007.
The tax for the first five months produced revenue of $36.38 million, compared to $23.95 million a year ago.
There were nearly 1,000 more transactions for the first five months of the year — 3,477 compared with 2,488 a year ago.
Since its inception in 1999, the Peconic Bay Regional Community Preservation Fund has generated $825.68 million.
Thiele, in a statement, said: “We are seeing a substantial uptick in real estate activity on the East End. This looks to be the most robust year for the CPF since 2007, before the Great Recession.”
Shelter Island saw the biggest increase percentagewise, from $260,000 in tax revenue to $980,000, an increase of 277 percent. That was followed by East Hampton, which raised $11.5 million, a 54.6 percent increase, and Southampton, which jumped 52.3 percent to $21.67 million.
The money goes to the five East End towns — East Hampton, Riverhead, Shelter Island, Southampton and Southold — for preserving open space, based on 1998 state legislation and referendums passed by each town.