Bill > H4193

This bill authorizes the town of Amherst to establish a real estate transfer fee of up to 2% on property transfers, including sales of residential real estate and transfers of controlling interests in entities that own such property. The fee would apply to most property transfers, with specific exemptions for transfers to government entities, properties with affordable housing restrictions, transfers under $100, transfers between family members, and certain corrective transfers. The town would be required to deposit the first $250,000 collected annually into the Amherst Municipal Affordable Housing Trust Fund, with remaining funds to be allocated to the town's capital stabilization fund, general fund, or housing trust fund as determined by local bylaw. To enforce the fee, the town would require sellers and buyers to submit an affidavit with the deed, detailing the purchase price and any applicable exemptions. The Hampshire district registry of deeds would be prohibited from recording a deed without a certificate showing the transfer fee has been paid or is exempt. The bill would take effect immediately upon passage, giving Amherst the ability to implement this new local revenue mechanism with specific guidelines for collection and use of the funds.

Budget and Finance

https://malegislature.gov/Bills/194/H4193