Massachusetts H3931 establishes a real estate transfer fee on residential property in Falmouth to fund affordable housing.

Massachusetts H3931 creates a real estate transfer fee on residential property in Falmouth to fund affordable housing. The fee is a percentage of the purchase price, varying based on the amount. Certain transfers, such as those to the government, charitable organizations, and family members, are exempt. The fee is payable by the seller at the time of transfer and must be accompanied by an affidavit. The Falmouth Affordable Housing Fund will receive the collected fees, which can be used for any purpose established by the fund. The act takes effect 90 days after passage.

Massachusetts H3931 establishes a real estate transfer fee on residential property in Falmouth to fund affordable housing.

Massachusetts H3931 creates a real estate transfer fee on residential property in Falmouth to fund affordable housing. The fee is a percentage of the purchase price, varying based on the amount. Certain transfers, such as those to the government, charitable organizations, and family members, are exempt. The fee is payable by the seller at the time of transfer and must be accompanied by an affidavit. The Falmouth Affordable Housing Fund will receive the collected fees, which can be used for any purpose established by the fund. The act takes effect 90 days after passage.