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Pandemic-fueled surge in East End real estate market pushes preservation tax revenues to new record highs

by | Jun 29, 2021 | 0 comments

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Source: Riverhead Local — 

The red-hot real estate market on the East End continues to push home prices higher and break revenue records for the Peconic Bay Community Preservation Fund, which is generated by a 2% tax on real estate transfers in the five East End towns.

Community Preservation Fund revenues generated in the first five months of 2021 were double what was generated in the first five months of 2020 — and the January-May 2020 CPF tax receipts were already the highest five-month total in the history of the fund, which dates back to 1999.

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