Massachusetts 2023-2024 Regular Session

Massachusetts House Bill H3736 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. 4141 FILED ON: 2/7/2023
3	3	HOUSE . . . . . . . . . . . . . . . No. 3736
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Sarah K. Peake and Julian Cyr
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 authorizing the town of Truro to impose a 0.5% real estate transfer fee.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :DATE ADDED:Sarah K. Peake4th Barnstable2/7/2023 1 of 3
16	16	HOUSE DOCKET, NO. 4141 FILED ON: 2/7/2023
17	17	HOUSE . . . . . . . . . . . . . . . No. 3736
18	18	By Representative Peake of Provincetown and Senator Cyr, a joint petition (accompanied by bill,
19	19	House, No. 3736) of Sarah K. Peake (by vote of the town) that the town of Truro be authorized
20	20	to impose a 0.5% real estate transfer fee in said town. Revenue. [Local Approval Received.]
21	21	The Commonwealth of Massachusetts
22	22	_______________
23	23	In the One Hundred and Ninety-Third General Court
24	24	(2023-2024)
25	25	_______________
26	26	An Act authorizing the town of Truro to impose a 0.5% real estate transfer fee.
27	27	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
28	28	of the same, as follows:
29	29	1 SECTION 1. There is hereby imposed a real estate transfer fee equal to 0.5% (half
30	30	2percent, ½%) of the purchase price upon the transfer of any real property interest in any real
31	31	3property situated in the Town of Truro. Said fee shall be the liability of the purchaser of such
32	32	4property interest, and any agreement between the purchaser and the seller or any other person
33	33	5with reference to the allocation of the responsibility for bearing said fee shall not affect such
34	34	6liability of the purchaser. The fee shall be paid to the Town of Truro. Fifty percent (50%) of the
35	35	7funds collected in each fiscal year shall be deposited in the Town’s Capital Improvement
36	36	8Stabilization Fund and the remaining fifty percent (50%) shall be deposited into the Town’s
37	37	9Affordable Housing Trust Fund.
38	38	10 SECTION 2. The following transfers of real property interests shall be exempt from the
39	39	11real estate transfer fee: 2 of 3
40	40	12 A. First time homebuyers who live in the home for at least 5 years. A lien shall
41	41	13accompany the deed stating that “There is running with the land a lien equal to the amount of fee
42	42	14exempted, plus accumulated interest and penalties until such time as all conditions of this sub-
43	43	15section are met.”
44	44	16 B. Transfers to the government of the U.S., the Commonwealth, the Town of Truro and
45	45	17any of their instrumentalities, agencies or sub-divisions, such as the Truro Housing Authority.
46	46	18 C. Transfers made without additional consideration to confirm, correct, modify or
47	47	19supplement a transfer previously made.
48	48	20 D. Transfers of convenience with consideration under $100 which include: name change,
49	49	21into trusts, out of trust, etc.
50	50	22 E. Transfers to any charitable organization as defined in Clause 3 of Section 5 of Chapter
51	51	2359 of the General Laws or any religious organization providing that the real property interests so
52	52	24transferred will be held solely for public charitable or religious purposes.
53	53	25 F. Transfers between family members, marriage partners, parents and children,
54	54	26grandchildren, stepparents and stepchildren, brothers and sisters.
55	55	27 SECTION 3.
56	56	28 A. The fee imposed shall be due at the time of the transfer of the real property interest.
57	57	29 B. The buyer shall pay interest on any unpaid amount of the fee at the rate the Town
58	58	30collects on unpaid real estate taxes. 3 of 3
59	59	31 C. The Town shall notify a buyer by registered or certified mail of any failure to
60	60	32discharge the amount in full of fee due.
61	61	33 D. All fees and interest required to be paid under this Act shall constitute a personal debt
62	62	34of the buyer and may be recovered in an action of contract.
63	63	35 SECTION 4. This act shall take effect upon passage.