WeVote
Log In

Bill

Bill

H 4703

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

194th Legislature (2025-2026) Introduced by Hadley Luddy

Truro can impose a 0.5% real estate transfer fee on property sales, with revenue split evenly between capital improvements and affordable housing funds.

Reported date extended to Friday, June 26, 2026
0
WeVote Research Nonpartisan
Bill Summary · H 4703

Summary: H 4703 — An Act authorizing the town of Truro to impose a 0.5% real estate transfer fee

Overview

H 4703 would authorize the Town of Truro to impose a real estate transfer fee of 0.5% on the transfer of any real property interest within Truro. The purchaser is the liable party. Revenue from the fee would be split equally between the town’s Capital Improvement Stabilization Fund and the Affordable Housing Trust Fund. The act takes effect upon passage and grants the Select Board authority to adopt and update implementing regulations. The bill previously received local approval (revenue bill status: Local Approval Received) and has progressed to Senate concurrence.

Key Provisions

  • Fee rate and liability

    • Real estate transfer fee: 0.5% of the purchase price on every transfer of real property interest in Truro.
    • Liability: The purchaser is responsible for the fee, regardless of buyer/seller allocation in any agreement.

  • Use of revenue

    • 50% deposited into the Town’s Capital Improvement Stabilization Fund.
    • 50% deposited into the Town’s Affordable Housing Trust Fund.

  • Exemptions (transfers not subject to the fee)

    • A: First-time homebuyers who live in the home for at least 5 years (includes a deed lien noting the exemption until conditions are met).
    • B: Transfers to the U.S. government, the Commonwealth, the Town of Truro, or their instrumentalities/subdivisions.
    • C: Transfers without additional consideration to confirm, correct, modify, or supplement a prior transfer.
    • D: Transfers of convenience with consideration under $100 (e.g., name changes, trusts).
    • E: Transfers to charitable or religious organizations for public charitable or religious use.
    • F: Transfers between family members (e.g., spouses, parents/children, siblings).

  • Payment and enforcement

    • The fee is due at the time of transfer.
    • If unpaid, interest accrues at the rate the Town charges on unpaid real estate taxes.
    • The Town may notify the buyer by registered/certified mail of any shortfall.
    • All fees and interest become a personal debt of the buyer and may be recovered by contract action.

  • Regulatory authority

    • The Select Board may enact and amend regulations to effectuate the act.

  • Effective date

    • The act takes effect upon passage.

Affected Parties and Impacts

  • Primary impact: Purchasers of real property in Truro will pay the 0.5% transfer fee.
  • Public funding impact: Creates dedicated funding streams for capital improvements and affordable housing initiatives in Truro.
  • Exemption considerations: First-time buyers who meet the five-year occupancy requirement are exempt but must carry a lien equivalent to the exempted amount plus accrued interest/penalties until conditions are satisfied.

Legislative Status and History

  • Introduced: November 3, 2025.
  • Referred to the House Committee on Revenue: November 3, 2025.
  • Senate concurred: November 6, 2025.
  • Related bill: HD 5278 (replaces).

This bill enables a local financing mechanism for Truro, with specified exemptions and clear allocation of revenues to capital improvements and affordable housing initiatives, and includes delivery, enforcement, and regulatory provisions to implement the transfer fee.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.