Bill > H3931

This bill establishes a graduated real estate transfer fee in the Town of Falmouth for residential property sales priced at $1 million or more, with the goal of funding affordable housing. The fee structure is tiered: for properties between $1 million and $1.5 million, a percentage of the amount over $1 million is charged; for properties between $1.5 million and $2 million, the fee increases to include 1% of the amount over $1 million and 1.5% of the amount over $1.5 million; and for properties over $2 million, the fee includes 1% of the amount over $1 million, 1.5% of the amount between $1.5 and $2 million, and 2% of the amount over $2 million. The seller is responsible for paying the fee at the time of transfer, and all collected funds will be deposited into the Falmouth Affordable Housing Fund. The bill includes several exemptions for transfers, such as those to government entities, transfers between family members, and properties with existing affordable housing restrictions. The Town of Falmouth can adopt additional regulations to implement the act but cannot reduce the exemptions specified in the bill. The transfer fee will take effect 90 days after the bill's passage, and the Town will have standard legal remedies to collect unpaid fees, similar to how property taxes are collected.

Budget and Finance

https://malegislature.gov/Bills/194/H3931