Bill > H4703

This bill authorizes the town of Truro to impose a 0.5% real estate transfer fee on property sales within the town, with the fee to be paid by the buyer. The collected funds will be equally split between the town's Capital Improvement Stabilization Fund and Affordable Housing Trust Fund. The bill includes several exemptions from the fee, such as transfers to government entities, first-time homebuyers who live in the home for at least 5 years, transfers between family members, transfers to charitable or religious organizations, and transfers with minimal consideration (under $100). The fee becomes due at the time of property transfer, and unpaid amounts will accrue interest at the same rate as unpaid real estate taxes. The town's Select Board is empowered to create and amend regulations related to implementing this fee, and the act will take effect immediately upon passage. The bill aims to generate additional revenue for the town through a modest fee on real estate transactions while providing specific protections and exemptions for certain types of property transfers.

Budget and Finance

https://malegislature.gov/Bills/194/H4703