summary
Introduced
05/11/2023
05/11/2023
In Committee
05/11/2023
05/11/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
193rd General Court
Bill Summary
That the city of Somerville be authorized to establish 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. The fee would be split evenly between the seller and the purchaser, with some exemptions available for vulnerable seniors and those seeking a residential property tax exemption. The revenue from the fees would be deposited into the Somerville Affordable Housing Trust Fund and used to fund affordable housing programs in the city. The city is also required to issue an annual report detailing the fee receipts, the affordable housing programs funded, and the impact of those programs on the community.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Accompanied a study order, see H5045 (on 09/12/2024)
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/193/H3845 |
| BillText | https://malegislature.gov/Bills/193/H3845.pdf |
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