An Act establishing a real estate transfer fee upon the transfer of residential property in the Town of Falmouth for the purpose of funding affordable housing

This bill establishes a real estate transfer fee in the Town of Falmouth specifically for the sale of residential properties with a purchase price of at least one million dollars. The fee is calculated as a percentage of the amount exceeding one million dollars, with higher rates applied to properties valued above 1.5 million and 2 million dollars, and it must be paid by the seller at the time of the transfer. All money collected from this fee will be deposited into the existing Falmouth Affordable Housing Fund to support affordable housing initiatives. The legislation includes several exemptions for transfers involving government entities, family members, charitable organizations, and properties already restricted for affordable housing, while allowing the town to collect unpaid fees similarly to how it collects property taxes.