History, Structure And The Transfer Tax
The Little Compton Agricultural Conservancy Trust was established by the voters at the 1986 Financial Town Meeting. The principal purpose of the Trust is to preserve farm lands and open space in the Town. This is accomplished through outright purchase of either fee interest in land or development rights, as well as donations of land and cash.
Funds for these purchases have been raised during the fiscal year through a transfer tax on all real estate sales over $300,000.00. The fee schedule, effective July 1, 2016, exempts the first $300,000.00 of land value. Transaction amounts over $300,000.00 are taxed at a 4% rate.
The Town Council appoints five individuals to be Trustees, one of which is an active farmer. As provided by the enabling legislation, the Trust membership also includes two additional members appointed by the Little Compton Planning Board and the Conservation Commission respectively. The seven trustees serve for 5-year staggered terms. In addition to on-site inspections and attendance at land preservation conferences, the Trustees meet at least monthly. These meetings are held in the Town Hall and are open to the public. Notices are posted on a calendar in the Town Clerk’s office as well as on the bulletin board outside the Town Hall and at the Brownell Library.
The LCACT publishes an Annual Report on a fiscal year basis. The Annual Report is published in the Sakonnet Times and on the LCACT website. Financial data, as well as, land preservation data is contained in the Annual Report.