Bill > H4576

This bill authorizes the town of Eastham to impose a 3% real estate transfer fee on property sales exceeding $1, with the fee to be paid by the purchaser and collected at the time of property transfer. The revenue generated from this fee will be deposited into the town's Affordable Housing Trust Fund and/or Wastewater Stabilization Fund, as determined by the Select Board. The bill includes several key exemptions from the fee, such as transfers to government entities, transfers between family members, first-time homebuyers who live in the home for at least 5 years, transfers to charitable or religious organizations, and transfers of affordable housing units. The town can adopt additional bylaws to implement the fee but cannot reduce the exemptions outlined in the bill. If the fee is not paid, the town can collect it similar to how they collect property taxes, and the unpaid amount constitutes a personal debt of the buyer that can be recovered through legal action. The bill will take effect 90 days after its passage, providing a mechanism for Eastham to generate additional revenue for specific municipal needs while offering protections for certain types of property transfers.

Budget and Finance

https://malegislature.gov/Bills/194/H4576