Bill > H3859

This bill authorizes the town of Provincetown to impose a 0.5% real estate transfer fee on the purchase price of any real property interest in the town. The fee is the liability of the purchaser and will be used to fund the town's Capital Improvement Stabilization Fund and General Fund. The bill provides several exemptions, including for first-time homebuyers who live in the home for at least 5 years, transfers to government entities, transfers made without additional consideration, transfers of convenience, transfers to charitable or religious organizations, and transfers between family members. The fee is due at the time of the property transfer, and the buyer must pay interest on any unpaid amount at the same rate as unpaid real estate taxes. The town can recover any unpaid fees and interest through legal action.

https://malegislature.gov/Bills/190/H3859