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
07/03/2024
In Committee
07/03/2024
07/03/2024
Crossed Over
Passed
Dead
12/31/2024
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)
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/H4827 |
| BillText | https://malegislature.gov/Bills/193/H4827.pdf |
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