The Community Preservation Fund or CPF transfer tax, as many of us in Real Estate call it, refers to the 2% tax paid by the buyer of real property over price points set back in 1999 when the fund was originally set up. The idea was to apply this tax to purchase properties for all to enjoy. Many very sensitive parcels have been acquired thanks to CPF money. Thus far nearly $950 million dollars have been collected and according to State Assemblyman Fred W. Thiele Jr., sometime in the first quarter of 2015, CPF money should hit a grand total of a BILLION dollars.
The year 2007 still holds the record for the most money collected. As you may recall, that was the year the high end flew to its highest heights. Click here to see Market Reports and analysis for each year. 2013 was second best, while I predict 2014 will unseat 2013! The five East End towns that contribute to the Community Preservation Fund are Southampton, East Hampton, Shelter Island, Southold and Riverhead. Of course Southampton Town is the top producer by virtue of its size and of course its magnificent estate area, East Hampton falls in second with also an incredible estate section but much smaller region. Thus far this year, in the first eight months, nearly 10% more CPF dollars has been collected than last year. A CPF acquisition is something every buyer should feel proud of contributing to. It is thanks to your tax funds that we have preserved so many properties.