Bill

Bill > H4827


MA H4827

Establishing a real estate transfer fee upon the transfer of residential property in the Town of Falmouth for the purpose of funding affordable housing


summary

Introduced
07/03/2024
In Committee
07/03/2024
Crossed Over
Passed
Dead
12/31/2024

Introduced Session

193rd General Court

Bill Summary

That the town of Falmouth be authorized to establish a real estate transfer fee upon the transfer of residential property in said town for the purpose of funding affordable housing. Revenue. [Local Approval Received.]

AI Summary

This bill authorizes the Town of Falmouth to establish a real estate transfer fee on the sale of residential properties with a purchase price of $1 million or more. The fee is a graduated percentage of the purchase price, with the first $1 million exempted. The revenue from the fee will be deposited into the Falmouth Affordable Housing Fund and used for affordable housing purposes. The bill also outlines various exemptions to the fee, such as transfers to government entities, charitable organizations, and between family members. The Town of Falmouth is given the authority to adopt additional requirements and regulations to implement and enforce the provisions of the act.

Committee Categories

Budget and Finance

Sponsors (2)

Last Action

Accompanied a study order, see H5045 (on 09/12/2024)

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/H4827
BillText https://malegislature.gov/Bills/193/H4827.pdf
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