Massachusetts H4151 authorizes Nantucket to impose a real estate transfer fee for affordable and workforce housing.

Massachusetts H4151 authorizes the town of Nantucket to impose a real estate transfer fee of 0.5% of the purchase price for affordable and workforce housing. The fee applies to transfers of real property interests in Nantucket County, with certain exemptions. The seller is liable for the fee, interest, and penalties if not paid within 30 days. The fee revenue will be used for affordable housing purposes. The fee is initially set for ten years but can be renewed or adjusted by a majority or two-thirds vote of Town Meeting, respectively.

Massachusetts H4151 authorizes Nantucket to impose a real estate transfer fee for affordable and workforce housing.

Massachusetts H4151 authorizes the town of Nantucket to impose a real estate transfer fee of 0.5% of the purchase price for affordable and workforce housing. The fee applies to transfers of real property interests in Nantucket County, with certain exemptions. The seller is liable for the fee, interest, and penalties if not paid within 30 days. The fee revenue will be used for affordable housing purposes. The fee is initially set for ten years but can be renewed or adjusted by a majority or two-thirds vote of Town Meeting, respectively.