Bill > H3930

This bill authorizes the city of Somerville to impose a 2% real estate transfer fee (split equally between buyers and sellers) on most property transactions within the city, with several important exemptions. Specifically, the fee would not apply to transfers between family members, transfers to government entities, or transactions involving "vulnerable seniors" or properties with residential exemptions. The fee would not apply to properties with four or more dwelling units. All collected fees would be deposited into the Somerville Affordable Housing Trust Fund, which must use the revenue to support affordable housing programs such as community land trusts, purpose-built housing, and other initiatives that prioritize current and recent Somerville residents and employees. To ensure transparency, the city must submit an annual report detailing fee receipts, the affordable housing programs funded, and the impact of those programs. Notably, before a property deed can be recorded, both the buyer and seller must submit an affidavit with the transfer details and proof of fee payment or exemption, and the Middlesex South Register of Deeds will not record a deed without a certificate confirming fee compliance. The city can create additional ordinances to implement the fee but cannot reduce the exemptions outlined in the bill.

Budget and Finance

https://malegislature.gov/Bills/194/H3930