An Act authorizing the city of Somerville to impose a real estate transfer fee
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill would allow the city of Somerville, Massachusetts, to collect a fee on real estate transactions. Specifically, it authorizes the city to establish a real estate transfer fee. The revenue generated from this fee would be used for the city’s general fund. This is not the first time Somerville has considered such a measure, as similar bills have been proposed in the past.
Key provisions
- Authorizes Somerville to impose a real estate transfer fee.
- The fee applies to certain real estate transactions within the city.
- Revenue from the fee will be deposited into the city’s general fund.
- The bill was previously considered and approved by the city council and mayor.
- Similar legislation has been proposed and considered in previous sessions.
Who is affected
- Homebuyers
- Home sellers
- Real estate agents
- The City of Somerville
- Property owners
Notable changes
- Establishes a new revenue stream for the city of Somerville.
- Represents a continuation of previous efforts to explore alternative funding mechanisms.
- No specific details regarding the amount or structure of the transfer fee are included in the bill.
Bill text
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Sponsors
Official sponsors from legislative records.
4 on record
Primary sponsor
Cosponsors
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