summary
Introduced
07/08/2021
07/08/2021
In Committee
03/10/2022
03/10/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
That the city of Somerville be authorized to impose a real estate transfer fee on certain real estate transactions in said city. Revenue. [Local Approval Received.]
AI Summary
This bill authorizes the city of Somerville to impose a real estate transfer fee of up to 2% of the purchase price on certain real estate transactions in the city. The fee is split evenly between the seller and the purchaser, with some exemptions for vulnerable seniors, recipients of residential property tax exemptions, and purchasers who intend to seek a residential property tax exemption. The revenue generated from the fee will be deposited into the Somerville Affordable Housing Trust Fund and used to fund affordable housing programs in the city. The city is required to adopt an ordinance to provide for the collection and enforcement of the fee, and to issue an annual report on the fee receipts and the impact of the affordable housing programs funded by the revenue.
Committee Categories
Budget and Finance
Sponsors (5)
Last Action
No further action taken (on 01/03/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/H3938 |
| Bill | https://malegislature.gov/Bills/192/H3938.pdf |
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