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MA H3903
Bill
Status
Introduced
3/13/2025
Primary Sponsor
Thomas Moakley
Click for details
AI Summary
- Imposes a 0.5% fee on the sale price of real estate transfers in Nantucket County, with the first $2 million of any transaction exempt from the fee
- Fee revenue deposited into the Affordable Housing Trust Fund to support affordable and workforce housing for households earning up to 240% of Nantucket median income
- Seller bears liability for the fee; deeds cannot be recorded without a certificate showing fee payment or exemption
- Exemptions include transfers to government entities, gifts to family members, charitable organizations, foreclosures, corporate formations/dissolutions, and marital asset divisions
- Fee has an initial 10-year duration, renewable by majority Town Meeting vote for 5-year periods; can be decreased or eliminated by two-thirds Town Meeting vote
Legislative Description
Authorizing the town of Nantucket to impose a real estate transfer fee for affordable and workforce housing and related capital improvements
Last Action
Reporting date extended to Friday, June 26, 2026
2/25/2026
Committee Referrals
Revenue3/13/2025
Full Bill Text
No bill text available