Archive for June, 2011

PECONIC BAY COMMUNITY PRESERVATION FUND COLLECTS $24+M IN FIRST 5 MONTHS OF 2011

Thursday, June 23rd, 2011

While much of the country is in a deep real estate recession, the Eastern End of Long Island has seen an uptick in gross sales which in turn affects the 2% Peconic Land Tax as well as other transfer taxes.

This particular tax was born in the late 90’s to fund the purchase of land for preservation. A great concept at the most perfect time….it was a race against losing our rural aesthetic beauty. Nearly $700 million dollars in total have been collected and put to good use in preserving over 6000 acres.

The 2% tax is paid at the closing, usually by the buyer. The first $150,000 of sale price is excluded on the North Fork & Riverhead and $250,000 on the South Fork. Many have argued the baseline amount should rise & fall with market values but that never happened.

Thus far in 2011 the collections by township have been as follows: $16.7M from Southampton, $5M from East Hampton, $1.3M from the North Fork, $790,000 from Riverhead & $390,000 from Shelter Island.

Thank you to all who continue to assist in the efforts of our local municipalities to preserve our way of life!

TEAM WORK

Monday, June 13th, 2011

Peconic Land Trust and Suffolk Country have once again collaborated together to preserve 6.6 acres in Southampton for $850,000. This parcel is part of a one hundred acre preservation in the Great Swamp and Noyac greenbelt between Bridgehampton and Sag Harbor.

Riverhead was also the beneficiary of $1.18 million from the county to purchase the development rights on more than 20 acres of farm land contiguous to a 165 acre farm that Suffolk already owns the development rights on.

Thus from preservation of our vital aquifer to forever farm views created by the purchase of development right – the East End is destined to remain one of the most beautiful places on the planet Earth.

THANK YOU Peconic Land Trust and Suffolk County!

 

Return of the Swans

Friday, June 3rd, 2011

The swans are back where the belong – back in East Hampton Town Pond with six new baies who were walked over with their mom and dad from Hook Pond where they were born. All’s right with the world!