Bill > S868

This bill empowers cities and towns in Massachusetts to impose a fee on certain real estate transactions to support affordable housing. The fee can range from 0.5% to 2% of the purchase price, and up to 6% for "speculative sales" (properties sold for more than 3 times the state median sale price within a year of purchase). The fee can be paid by the buyer, the seller, or allocated between the two. The funds collected must be deposited into the city or town's affordable housing trust fund or community preservation fund and used for affordable housing purposes. The bill also outlines various exemptions, such as for transfers below 100% of the state median single-family home sale price, transfers between certain family members, and transfers to charitable or religious organizations for affordable housing uses.

Budget and Finance, Housing and Urban Affairs

https://malegislature.gov/Bills/192/S868