SECTION 1. Sections 7 and 8 of chapter 16 of the public laws of 1985 entitled "An Act Establishing the Little Compton Agricultural Conservancy Trust" as amended by chapter 510 of the public laws of 1987 and chapters 12 and 126 of the public laws of 1999, is hereby further amended to read as follows:

SECTION 7. The electors of the town of Little Compton are hereby authorized to levy an additional tax upon real property transfers within said town in accordance with section 8 of this act. Said tax shall be levied at the annual financial town meeting and shall become effective on the first day of the next town fiscal year. The tax, once adopted, shall remain in effect unless the electors, when legally assembled, repeal said tax. The electors, when legally assembled, may also amend the rate or rates of said tax and/or the amount exempted from such tax.

SECTION 8. Whenever a tax is assessed by section 44-25-1 of the general laws on the transfer of a real property situated in Little Compton, there is hereby imposed, in addition to said tax, an additional tax not to exceed the amount of five percent (5%) of that amount of the purchase price which exceeds seventy-five thousand ($75,000) dollars unless such rate or rates and/or exemption amount are amended as provided for in section 7 of this act. Said exemption shall not be less than seventy-five thousand dollars ($75,000).

As used herein, the total purchase price shall mean the aggregate consideration received by a seller or sellers collectively for the transfer of each recorded lot of real property, whether in a single conveyance or in separate contemporaneous conveyances, which transfer or transfers result in the conveyance of either (i) the entire fee interest, or (ii) a lesser fee interest in the real property including, without limitation, conservation easements and development rights; and only one $75,000 (or other greater amount if adopted by the electors) exemption shall be applied to such transaction or transactions conveying the entire fee interest regardless of the number of deeds or other instruments used to effectuate the transfer or the number of buyers or sellers participating therein. If something less than the entire fee interest is conveyed, then the exemption shall be reduced proportionately.

In the case of real property which is situated in both Little Compton and Tiverton, Rhode Island or Westport, Massachusetts, the additional tax shall be imposed on that portion of the purchase price, in relation to what the current assessed values, as determined by the Little Compton tax assessors and their counterpart in the abutting town, bear to the total sales price.

The payment of the additional tax hereby imposed shall be evidenced by the affixing of documentary stamps, provided by the Little Compton town clerk's office, to every original instrument presented for recording in the same manner as set forth in section 44-25-3 of said general laws. Said tax shall be the obligation of the buyer of real property unless otherwise agreed to by the parties of the transfer.

SECTION 2. This section of the act shall take effect upon passage of the act. The remainder of this act shall take effect upon its approval by a majority of those voting to approve the act at an annual or special financial town meeting of the town of Little Compton.