Massachusetts H3930 authorizes the city of Somerville to impose a real estate transfer fee.

Massachusetts H3930 authorizes the city of Somerville to establish a real estate transfer fee of up to 2% of the purchase price on certain real property transactions. The fee is due from both the seller and purchaser, unless exempt. Exemptions include transfers between family members, transfers of convenience, and transfers to government entities. Vulnerable seniors and those approved for a residential exemption are also exempt. The fee is payable at the time of transfer or within two years if a residential exemption is sought.

Massachusetts H3930 authorizes the city of Somerville to impose a real estate transfer fee.

Massachusetts H3930 authorizes the city of Somerville to establish a real estate transfer fee of up to 2% of the purchase price on certain real property transactions. The fee is due from both the seller and purchaser, unless exempt. Exemptions include transfers between family members, transfers of convenience, and transfers to government entities. Vulnerable seniors and those approved for a residential exemption are also exempt. The fee is payable at the time of transfer or within two years if a residential exemption is sought.