MA H3193

Towns on Martha's Vineyard may establish a transfer fee of 0.5% to 2% on real property sales exceeding $1,000,000 (or a higher threshold if adopted locally), with proceeds funding year-round and attainable housing

Transfer fees are paid by purchasers within 7 days of closing and deposited into a regional year-round housing trust fund established by two or more Dukes County towns

Exempt transfers include gifts under $100, family transfers, government transfers, foreclosures, divorce divisions, and properties with at least 25% affordable/attainable housing units

Towns not joining a regional trust within two years must deposit fees in their own year-round housing trust or municipal affordable housing trust fund

Annual reporting to the Executive Office of Housing and Livable Communities and Department of Revenue is required, detailing fees collected and housing expenditures