MA H3931

Imposes a graduated transfer fee on residential real estate sales of $1 million or more in Falmouth, with the first $1 million exempt: 1% on amounts $1M-$1.5M, 1.5% on amounts $1.5M-$2M, and 2% on amounts over $2M

Fee is payable by the seller at time of transfer, with all revenue deposited into the Falmouth Affordable Housing Fund established under Chapter 29 of the Acts of 2011

Exempts transfers to government entities, family members (spouses, parents, children, grandparents, grandchildren, siblings), charitable/religious organizations, and properties with year-round affordable housing deed restrictions

Town Meeting may amend the $1 million exemption threshold by a two-thirds vote; the town may adopt additional requirements by bylaw but cannot reduce statutory exemptions

Takes effect 90 days after passage; local approval has been received from the Town of Falmouth