Bill > H4574

This bill establishes a local real estate transfer fee in the town of Arlington that will apply to property transfers above a certain price threshold, with specific details to be determined by town meeting vote. The fee will range between 0.05% and 2% of the transfer price and will be assessed on either the buyer, seller, or both parties. The fee will only apply to property transfers that exceed a price range between 50% to 150% of the state median single-family home sale price, which will be set by town meeting. The revenue generated from this fee will be deposited into the Municipal Affordable Housing Trust Fund and can only be used to finance affordable housing and related administrative costs. The bill includes numerous exemptions from the fee, such as transfers between family members, gifts, transfers to government entities, transfers involving affordable housing units, and transfers related to mortgages or marital asset divisions. To implement the fee, the town must require documentation with property transfers, including affidavits about the purchase price and any applicable exemptions, and the Middlesex South registry of deeds will not record a deed without a certificate confirming fee payment or exemption. The town must also produce an annual report detailing fee receipts and the impact of affordable housing programs. The bill will take effect only after approval by the Arlington town meeting and a subsequent voter referendum.

Budget and Finance

https://malegislature.gov/Bills/194/H4574