S.4098-A Summary

• Authorizes cities and towns (except those with populations over one million) to establish community preservation funds through local law and accept revenues from real estate transfer taxes and other sources to fund land and water quality preservation projects.

• Permits cities and towns to impose a real estate transfer tax of up to 2 percent on real property conveyances exceeding $500 in consideration, with an optional supplemental tax of up to 0.5 percent, subject to mandatory referendum approval.

• Requires each city or town establishing a community preservation fund to create an advisory board of 5-7 residents with conservation expertise and adopt a detailed community preservation project plan listing specific parcels and water quality improvement projects to be funded.

• Specifies eligible uses of fund revenues including acquisition of land for parks, open space, historic preservation, wetlands, agricultural preservation, and water quality improvements, with no more than 10 percent allowed for management and stewardship programs.

• Mandates annual independent financial audits of community preservation funds, requires local law to establish community housing exemptions up to the county's residential median sale price for properties under $2 million, and prohibits sale or disposition of acquired lands without legislative authorization.