1. Each town must have an open space plan approved by the Town Board before implementing the tax.
2. There is an exemption of up to $250,000*/$150,000** on improved property (this would ameliorate the impact on affordable housing) and $100,000*/$75,000** on unimproved property.
3. There is a sunset provision, in which the tax would expire in the year 2010.
4. Each town will have an advisory committee to identify lands to be preserved and see through the implementation of the town's open space/farmland protection plan.
5. There is an agricultural exemption.
6. It is subject to a mandatory referendum before any East End town can levy the tax.
7. The buyer pays the tax.
8. Money raised in a town stays in each town in which the tax is levied.
9. The bill is written so that it is exclusively for the East End and not for other areas of Long Island or the state. This should ameliorate the state and Long Island builders and realtors associations who are concerned about this spreading throughout the state.

*South Fork **North Fork

Nantucket residents, realtors and business people recognize the benefits of this program in their community. By protecting important landscapes, open space and rural character, they protect their region's real estate values and they make a permanent investment in their quality of life.

It is hoped that the majority of our community can support this concept, or in the alternative, present a better and attainable solution to protect our region's disappearing rural landscape.