Bill > H2915

This bill authorizes the town of Chatham to establish a real property transfer fee of 0.5% on real property transfers of $2 million or more. The fee would be paid by the purchaser and deposited into a Housing Fund to create and preserve affordable and/or attainable housing in the town. The bill outlines various exemptions to the fee, such as transfers to government entities, between family members, and as part of certain corporate restructurings. The bill also imposes penalties and interest for non-payment of the fee, and provides for enforcement mechanisms, including the establishment of a lien on the property. The fee would be in effect for an initial 10-year period and could be renewed or modified by a town meeting vote.

Budget and Finance

https://malegislature.gov/Bills/193/H2915