Bill > H3061

This bill introduces a 15% fee on real property purchases by non-U.S. citizens or nationals (referred to as "nonresident purchasers") in cities and towns that choose to adopt the law. The fee applies to various types of real property interests, including land, buildings, partnership or corporate shares, and development rights, and is calculated based on the total purchase price, which encompasses cash, property, debt assumptions, and other forms of consideration. The bill requires nonresident purchasers to pay the fee at the time of property transfer and submit an affidavit detailing the purchase price to the local city or town, which will issue a certificate of fee payment that must be presented to the registry of deeds before a property transfer can be recorded. The collected fees will be deposited into the city or town's affordable housing trust fund, with the primary goal of generating revenue to support local affordable housing initiatives. The bill includes exemptions for properties that will serve as the nonresident purchaser's principal residence and imposes penalties for non-payment, including interest at 14% per annum and potential additional penalties up to 25% of the unpaid fee. Cities and towns must opt-in to implement this fee, and the law is designed to discourage international real estate speculation while generating funds for local housing development.

Budget and Finance

https://malegislature.gov/Bills/194/H3061