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Real Estate Transfer Tax Bringing in Beaucoup Bucks

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In January, Community Preservation Fund revenue hit a five-year high. According to New York State Assemblyman Fred Thiele, the CPF took in $11.13 million, the most since May 2007. That's a 326 percent increase over January 2012, when the CPF collected $3.41 million.

The CPF is funded by a two percent tax on real estate transactions in the towns of East Hampton, Southampton, Riverhead, Shelter Island, and Southold. The monies collected are used for buying open space, purchasing of development rights on farmland, and preserving parkland and historic properties. Since the CPF's inception in 1999, more than 10,000 acres of East End land have been protected that otherwise would have been developed.

In January 2013, there were 1,054 real estate transfers, more than double the amount from January 2012.

These numbers seem to validate the reported "frenzy" of selling in the Hamptons last December.
· Community Preservation Fund Revenue Hits High [Patch]