Massachusetts 2023-2024 Regular Session

Massachusetts House Bill H2730 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	HOUSE DOCKET, NO. 3764 FILED ON: 1/20/2023
3	3	HOUSE . . . . . . . . . . . . . . . No. 2730
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Simon Cataldo and Carmine Lawrence Gentile
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act establishing a real estate transfer fee upon the transfer of property in the town of
13	13	Concord.
14	14	_______________
15	15	PETITION OF:
16	16	NAME:DISTRICT/ADDRESS :DATE ADDED:Simon Cataldo14th Middlesex1/20/2023Carmine Lawrence Gentile13th Middlesex1/20/2023Michael J. BarrettThird Middlesex1/27/2023 1 of 4
17	17	HOUSE DOCKET, NO. 3764 FILED ON: 1/20/2023
18	18	HOUSE . . . . . . . . . . . . . . . No. 2730
19	19	By Representatives Cataldo of Concord and Gentile of Sudbury, a petition (accompanied by bill,
20	20	House, No. 2730) of Simon Cataldo, Carmine Lawrence Gentile and Michael J. Barrett (by vote
21	21	of the town) that the town of Concord be authorized to establish a real estate transfer fee upon
22	22	the transfer of property in said town. Revenue. [Local Approval Received.]
23	23	The Commonwealth of Massachusetts
24	24	_______________
25	25	In the One Hundred and Ninety-Third General Court
26	26	(2023-2024)
27	27	_______________
28	28	An Act establishing a real estate transfer fee upon the transfer of property in the town of
29	29	Concord.
30	30	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
31	31	of the same, as follows:
32	32	1 SECTION 1. There is hereby imposed a real estate transfer fee, hereafter “the fee,” equal
33	33	2to 1 percent of the portion of the purchase price exceeding $1,000,000 upon the transfer of (i)
34	34	3any real property interest in any residential property situated in the Town of Concord, or (ii) a
35	35	4controlling interest in a trust, limited liability company, or other entity that directly or indirectly
36	36	5holds an interest in any class of residential real property situated in the Town of Concord. The
37	37	6fee shall be the liability of the purchaser of such property interest, and any agreement between
38	38	7the purchaser and the seller or any other person with reference to the allocation of the liability for
39	39	8the fee shall not affect such liability of the purchaser to the Town. The Town may define by
40	40	9bylaw what constitutes a controlling interest and the calculation of the fee.
41	41	10 SECTION 2. The following transfers of real property interests shall be exempt from the
42	42	11fee established in Section 1: 2 of 4
43	43	12 (i) transfers to the federal government, the Commonwealth, the Town, and any of their
44	44	13instrumentalities, agencies or subdivisions, including the Concord Housing Authority and the
45	45	14Concord Municipal Affordable Housing Trust;
46	46	15 (ii)transfers to the Concord Housing Development Corporation;
47	47	16 (iii)transfers of real property subject to an affordable housing restriction;
48	48	17 (iv) transfers made without additional consideration to confirm, correct, modify or
49	49	18supplement a transfer previously made;
50	50	19 (v)transfers with consideration under $100.00;
51	51	20 (vi) transfers to a charitable organization, as defined in clause Third of section 5 of
52	52	21chapter 59 of the General Laws, or a religious organization, provided, however, that the real
53	53	22property interests so transferred will be held solely for public charitable or religious purposes;
54	54	23and
55	55	24 (vii) transfers between family members, including spouses, parents and children,
56	56	25grandparents and grandchildren, step-parents and step-children, siblings or step-siblings.
57	57	26 SECTION 3. The fee shall be paid to the Town of Concord. The Town shall have such
58	58	27remedies to collect the fee as provided by law with respect to the collection of real property
59	59	28taxes. The Town may, by bylaw, adopt additional requirements, exemptions, and regulations to
60	60	29implement or enforce said fee, consistent with this act. The Town may not, by bylaw or
61	61	30otherwise, eliminate or reduce any exemption set forth in this act. 3 of 4
62	62	31 SECTION 4. All fees received pursuant to this act shall be deposited in the Concord
63	63	32Municipal Affordable Housing Trust Fund established pursuant to section 55C of chapter 44 of
64	64	33the General Laws and used for any purposes permitted thereunder.
65	65	34 SECTION 5. For the purposes of this act, “affordable housing” shall mean
66	66	35housing with an affordable housing restriction recorded with the Middlesex South Registrar of
67	67	36Deeds that requires the housing to be rented or owned by families and individuals whose income
68	68	37at initial occupancy is no more than 150 percent of the area mean income as determined by the
69	69	38federal department of housing and urban development guidelines and adjusted for family size
70	70	39and that thereafter such units shall be rented or sold, subject to such restrictions on appreciation
71	71	40as determined by the municipality to be reasonably and necessary to maintain long term
72	72	41affordability, to families or individuals at incomes of no more than 150 percent of the area mean
73	73	42income.
74	74	43 SECTION 6. A copy of the deed or other instrument evidencing such transfer shall be
75	75	44provided to the Town and shall be accompanied by (i) an affidavit signed under oath or under the
76	76	45pains and penalties of perjury by the purchaser and seller attesting to the purchase price; (ii) the
77	77	46applicable fee owed or, if applicable, an affidavit of intent to seek one of the permissible
78	78	47exemptions, as described in Section 2, for that property by the purchaser; and (iii) the basis, if
79	79	48any, upon which the transfer is claimed to be exempt in whole or in part from said fee. Upon
80	80	49receipt of the transfer fee or satisfactory evidence of exemption, the Town or its designee shall
81	81	50promptly thereafter issue a certificate indicating that the fee has been paid or that the transfer is
82	82	51exempt from the fee. The Middlesex South Registrar of Deeds shall not record or register a deed
83	83	52unless the deed is accompanied by such certificate. 4 of 4
84	84	53 SECTION 7. The Town shall prepare and issue an annual report to that (i) identifies fee
85	85	54receipts; (ii) quantifies affordable housing programs funded, including type and purpose; and (iii)
86	86	55evaluates the impact of said affordable housing programs, including but not limited to, to the
87	87	56extent reasonably possible and permitted by applicable law, the number and demographics of
88	88	57individuals and families served as well as measures of housing stability and wealth generation in
89	89	58the community.
90	90	59 SECTION 8. Acceptance of this act by the Town of Concord shall be first by vote of
91	91	60approval at an annual or special Town Meeting. Sections 1 to 7, inclusive shall take effect 30
92	92	61days after such acceptance by the Town.