Bill > S2419

This bill authorizes the town of Wellfleet to establish a real estate transfer fee. The fee would be 1% of the purchase price, payable by both the buyer and seller. The first $50,000 collected each fiscal year would be deposited into the town's Capital Improvement Stabilization Fund, with the remaining funds going to 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 immediate family members. The town is responsible for collecting the fee and has the authority to provide for its collection and secure a lien on any outstanding amounts. The town is also required to issue an annual report on the fee receipts and how the funds were used for housing programs.

Budget and Finance

https://malegislature.gov/Bills/193/S2419