On June 22, 1998 in a farm field in Southampton, Gov. George Pataki signed legislation granting rights to the 5 East End Towns of the Peconic Bay Region (East Hampton, Southampton, Shelter Island, Riverhead & Southold) to establish Community Preservation Funds transfer tax. Since that time over 7,000 acres have been purchased with approximately $400,000,000. This 2% transfer tax shall remain in existence until 2030, as per a vote in 2006.
So many vital parcels of land have been preserved thanks the the real estate boom we’ve experienced over the past 10 years.
We all believe in the importance of preservation both ecologically as well as aesthetically, but the entry level (ie homes under $250,00 in East Hampton, Southampton and Shelter Island) does not seem fitting. There are discussions on first home buyer exemptions which would be a step in the right direction, but more to help the young generation stay here and raise their families and the older generation remain is necessary.
To read more on where these tax dollars are going, visit www.suffolkcountyny.gov and search Peconic Bay Region Transfer Tax.