Bill > H3278

This bill modifies the existing deed excise tax (a tax paid when property ownership is transferred) by creating a graduated tax rate structure based on the sale price of the property. For property sales between $250,000 and $500,000, the tax rate will be 1.1 times the existing rate; for sales between $500,000 and $1,000,000, the rate will be 1.6 times the existing rate; for sales between $1,000,000 and $2,000,000, the rate will be 1.8 times the existing rate; and for sales over $2,000,000, the rate will be doubled. Additionally, the bill requires that the revenue generated from this graduated tax be equally divided between initiatives addressing the housing crisis and funding the Affordable Housing Act. This approach aims to generate more revenue from higher-value property sales to support affordable housing efforts, potentially helping to address housing accessibility and affordability challenges in the jurisdiction.

Budget and Finance

https://malegislature.gov/Bills/194/H3278