Provincetown authorized to impose a 0.5% real estate transfer fee on property sales over $1,000,000.

The bill authorizes the town of Provincetown to impose a 0.5% real estate transfer fee on the sale of any real property interest with a purchase price of $1,000,000 or greater. The fee is the responsibility of the buyer and must be paid at the time of transfer. Exemptions include transfers to the government, certain charitable organizations, and transfers between family members. The fee revenue will be deposited equally into the Town’s Year Round Market Rate Rental Housing Trust and the Provincetown’s Affordable Housing Trust.

Provincetown authorized to impose a 0.5% real estate transfer fee on property sales over $1,000,000.

The bill authorizes the town of Provincetown to impose a 0.5% real estate transfer fee on the sale of any real property interest with a purchase price of $1,000,000 or greater. The fee is the responsibility of the buyer and must be paid at the time of transfer. Exemptions include transfers to the government, certain charitable organizations, and transfers between family members. The fee revenue will be deposited equally into the Town’s Year Round Market Rate Rental Housing Trust and the Provincetown’s Affordable Housing Trust.