Bill > H3300

This bill authorizes the town of Provincetown to impose a 0.5% real estate transfer fee on the purchase price of any real property within the town, with the fee being the responsibility of the purchaser. The revenue generated will first go to the Town's Capital Improvement Stabilization Fund, with any remaining funds deposited into the Town's General Fund. Certain transfers are exempt, including those to first-time homebuyers who will reside in the home for at least five years (though a lien will be placed on the property until this condition is met), transfers to government entities or their agencies, transfers to correct or confirm previous deeds, minor transfers for convenience under $100, transfers to charitable or religious organizations for public purposes, and transfers between close family members. The fee is due at the time of transfer, and unpaid amounts will accrue interest and can be recovered as a personal debt of the buyer.