An Act authorizing the town of Provincetown to impose a 0.5% real estate transfer fee

This bill authorizes the Town of Provincetown to collect a 0.5% fee on the purchase price of real estate transactions valued at $1 million or more. The fee is the responsibility of the buyer and must be paid directly to the town at the time of the transfer, with funds split equally between two housing trust accounts. Several exemptions apply, including transfers to family members, government entities, and first-time homebuyers who commit to living in the home for five years. If the fee is not paid, the buyer will owe interest and face legal action to recover the debt.