An East End land-preservation fund reported its highest five-month revenues in its 22-year history, thanks to tax revenue from a surge in home sales, according to the Easthampton Star.
The Peconic Bay Community Preservation Fund took in $45.43 million through May. The fund receives the proceeds from a 2 percent real estate transfer tax in East Hampton, Southampton, Shelter Island, Southold, and Riverhead and uses the revenue to preserve open space.
Property transfer tax revenue surged in the beginning of the year, then receded in April to last year’s levels as the coronavirus pandemic canceled in-person showings. The fund total was 54 percent higher than it was in the first five months of 2019.
Southampton Town generated more than half of the total fund revenue — $27.6 million. That was 82 percent more than last year. [Easthampton Star] — Dennis Lynch