Bill
Bill > H4201
MA H4201
Authorizing the town of Nantucket to impose a real estate transfer fee for affordable and workforce housing
summary
Introduced
05/27/2021
05/27/2021
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
Relative to authorizing the town of Nantucket to impose a real estate transfer fee for affordable and workforce housing. Revenue. [Local Approval Received.]
AI Summary
This bill authorizes the town of Nantucket to impose a 0.5% real estate transfer fee on the purchase price of any real property interest transferred in Nantucket County. The fee is the liability of the seller and will be deposited into the town's Affordable Housing Trust Fund. The bill provides various exemptions, such as for transfers to government entities, gifts, and transfers due to death or bankruptcy. It also outlines the process for collecting and enforcing the fee, including penalties for non-payment. The fee will be in effect for 10 years and can be extended in 5-year increments or modified by a town meeting vote.
Committee Categories
Budget and Finance
Sponsors (3)
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/H4201 |
| Bill | https://malegislature.gov/Bills/192/H4201.pdf |
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