Provincetown Housing Action Plan
FINANCE WORK GROUP
Revenue Option Matrix
For Discussion Purposes Only
Option	Transfer Tax/ Option A1	Transfer Tax/ Option B1,2	Transfer Tax/ Option C1,2,3	Land Bank Distribution4	Existing CPA Revenues5	Room Tax Applied to Weekly Rentals6	Muncipal Bond/ Override/ Debt Exclusion7	State/ Fed/ MHP Set Aside
Basis	No exemptions/ 0.5% Tax from first dollar of sale	1% Tax/ Primary resident may exempt first $350,000 of value	1% Tax/ Seniors fully exempt (65+) on home sale; loss exemption; plus Option B	No Change	No Change	Tax based on $5,000 in average seasonal revenue for 40%/50%/60% of reported seasonal residences		Secure a $250/$500/$750k per year guarantee of funding for five years
Range of Annual Revenue
Low	$383,400	$674,820	$566,280	$30,000	$300,000	$109,416	?	$250,000
High	$575,100	$1,012,230	$849,420	$40,000	$300,000	$164,124	?	$750,000
Best Estimate	$479,250	$843,525	$707,850	$25,000	$300,000	$136,770	?	$500,000
Notes on Assumptions
1. All Transfer Tax options are based on the 10-year average number of single family (45) and condo (180) sales at the 2006 mid-year median of $530,000 for SF and
$400,000 for condos; plus land and commercial sales equaling ?% of residential value based on estimates from Town Assessor.
2. Transfer Tax Option B assumes 10% of condo sales and 33% of SF sales receive primary resident exemptions.
3. Transfer Tax Option C assumes 5% of condo owners and 40% of SF owners receive senior or loss exemptions.
4. Change in housing percentage is not realistic because most of Land Bank Funds are committed to long term debt service.
5. Estimated annual revenue based on existing debt service commitments; the Town Manager estimates a remaining borrowing capacity of $4.2 million
6. Requires home Rule Petition
7. Option may exist for a combination of decisions that result in a municipal bond issuance to support community housing, an override to fund the measure,
and a primary residency exemption to limit the impact on year-round owners.