East End preservation fund revenues increase

After a disappointing two months, April revenue for the Peconic Bay Community Preservation Fund has risen from the same month last year: from $4.05 million to $5.03 million, according to Assemb. Fred W. Thiele (I-Sag Harbor.)

Revenues rebounded after two consecutive months at about $3 million a month, according to Thiele.

“Real estate industry sources had attributed the slowdown in activity to the unusually cold and snowy winter. That appears to be the case as CPF revenues returned to higher levels in April,” Thiele said in a news release.

Year to date, the fund has collected $17.62 million, still under last year’s revenue for the same period of $19.64, according to Thiele.

The fund, established for the five East End towns, taxes home buyers 2 percent of the cost of the home. The money is used to purchase land or development rights to land. The first $250,000 of the home’s value is exempt.

Creation of the fund was approved by a voter referendum in 1998 and the tax took effect in 1999. The fund has collected $687.68 million and preserved more than 6,000 acres.