Bill > H4063

This bill authorizes the city of Cambridge to impose a 2% real estate transfer fee on the portion of a purchase price exceeding $1,000,000 for property transactions in the city. The exempted portion of the purchase price will be increased annually based on the Consumer Price Index for the Boston-Cambridge-Newton area. The fee will be collected by the Middlesex South registry of deeds and transferred to the city twice yearly. The city will deposit the fees into the Cambridge Affordable Housing Trust Fund, which will use the revenue for affordable housing purposes. Certain transfers, such as those involving the government or subject to affordable housing restrictions, are exempt from the fee. The bill will take effect upon an affirmative majority vote of the Cambridge city council.

Budget and Finance

https://malegislature.gov/Bills/193/H4063