Bill > H4648

This bill authorizes the town of Wellfleet to establish a real estate transfer fee. The fee would be 1% of the purchase price, with 1% paid by the seller and 1% paid by the purchaser. The first $50,000 collected each fiscal year would be deposited into the town's Capital Improvement Stabilization Fund, and the remaining funds would be deposited into the Wellfleet Affordable Housing Trust. The bill outlines several exemptions from the fee, such as for first-time homebuyers, transfers to government entities, and transfers between family members. The town is authorized to collect and secure a lien for any outstanding transfer fees, and the town must prepare an annual report on the fee receipts and how the funds were used for housing programs.