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Two percent real estate transfer
fee proposed
Public Hearing held Wednesday,
March 19, 2003 at 6 p.m.
The Provincetown Affordable Housing Task Force, the Provincetown
Housing Partnership, and the Provincetown Housing Authority jointly
conducted a public hearing on Wednesday, March 19, 2003 at 6:00
p.m. in the Judge Welch Hearing Room, Provincetown Town Hall,
260 Commercial Street, Provincetown, Massachusetts 02657, on its
proposal to adopt a Real Estate
Transfer Fee of two percent, to be paid by real estate buyers,
with certain exemptions, in the Town of Provincetown. All revenues
from the Real Estate Transfer Fee will be allocated to the Town's
Affordable
Housing Trust Fund, which is administered by the Provincetown
Housing Authority in consultation with the Provincetown Local Housing
Partnership.
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Update: On March 24,
2003, the Board of Selectmen voted (3-2) to recommend STM
Article 10 with amendments to Exemptions (c), (k), and (m),
as shown
on the attached:
I move that the Town vote
to approve Article 10 as printed in the warrant with the following
amendments to Section 5 of the proposed special act: (1) by
amending Exemption (c) to read as follows: “(-c-) Transfers
made as gifts without consideration.” (2) by deleting
Exemption (k) pertaining to division of marital assets; and
(3) by amending Exemption (m) by striking the words “or
whose spouse” in the first sentence thereof.
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Revenues would allocated to a range of uses related
to creating year-round affordable housing; maintaining a year-round
community; and providing affordable housing for the Provincetown's
year-round and seasonal labor force. The
full text of the proposed legislation is available from the
Office of the Town Clerk, as well as on the Town website: www.provincetown-ma.gov.
The public is encouraged to submit any written comments to the Department
of Community Development, Town Hall, 260 Commercial Street, Provincetown,
MA 02657, or in person at the hearing.
Affordable Housing Task Force
Provincetown Housing Authority
Provincetown Local Housing Partnership
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Frequently Asked Questions.
click for handout
The
Assessor estimates that, had such a 2% transfer fee been in
effect during 2000, 2001, and 2002, it would have raised the
amounts shown below. Click
for details.
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2000
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2001
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2002
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| Value
of property transfers |
$79,137,003
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$106,544,104
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$121,602,402
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| If 2%
fee had been charged |
$1,582,740
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$2,130,882
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$2,432,048
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A two percent
real estate transfer fee is the funding source for both
the Nantucket Islands
Land Bank and the Martha's Vineyard Land Bank. Provincetown's
proposed home rule legislation--
which will appear on the April 7, 2003 Town Meeting warrant-- is
adapted from Chapter
669 of the Acts of 1983, as amended. The Islands use their
transfer fees for open space. Provincetown would use its for affordable
housing.
Contact
Deputy Director of Community Development Mark L. Latour for
more information
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