Bill > H3043

This bill authorizes the town of Concord to establish a real estate transfer fee of 1 percent on property transactions exceeding $1,000,000, specifically targeting residential property transfers and controlling interests in entities that own residential real estate in Concord. The fee will be paid by the purchaser and can be applied to transfers of property or interests in trusts, limited liability companies, or other entities holding residential real property. The bill provides several exemptions from the fee, including transfers to government entities, charitable and religious organizations, affordable housing properties, and transfers between family members. All fees collected will be deposited into the Concord Municipal Affordable Housing Trust Fund and used to support affordable housing initiatives. The bill defines affordable housing as residential units with income restrictions limited to 150 percent of the area median income. To implement the fee, property transfers will require an affidavit detailing the purchase price and fee, and the Middlesex South Registrar of Deeds will not record a deed without a certificate confirming fee payment or exemption. The town is required to prepare an annual report documenting fee receipts and the impact of affordable housing programs. The bill will take effect 30 days after acceptance by a vote at a Concord town meeting.

Budget and Finance

https://malegislature.gov/Bills/194/H3043