Bill > S1971

This bill proposes to modify the Massachusetts deed excise tax by creating a graduated tax rate structure based on property sale price, with higher rates applied to more expensive property transactions. Specifically, for property sales between $250,000 and $500,000, the tax rate would be 1.1 times the existing rate; for sales between $500,000 and $1,000,000, the rate would be 1.6 times the existing rate; for sales between $1,000,000 and $2,000,000, the rate would be 1.8 times the existing rate; and for sales exceeding $2,000,000, the rate would be doubled. Additionally, the bill mandates that the revenue generated from these graduated tax rates be equally divided between initiatives addressing the housing crisis and funding the Affordable Housing Act. This approach aims to generate additional revenue from high-value property sales to support affordable housing efforts, potentially helping to mitigate housing affordability challenges by creating a more progressive taxation structure for property transactions.

Budget and Finance

https://malegislature.gov/Bills/194/S1971