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Councilor Santana proposes real estate transfer fee to fund affordable housing, exempts first $2 million
Summary
Councilor Santana introduced a petition (Docket 0163) to establish a real estate transfer fee targeting high-value property transfers (2% on amounts above a $2,000,000 exemption) to generate revenue for affordable housing programs and senior property tax relief; sponsors said the fee would not impact most home sellers, opponents warned it could be another tax.
Councilor Andrea Santana introduced Docket 0163, a petition for a special act authorizing a real estate transfer fee targeted at high-value property transfers to finance affordable housing programs and senior property tax relief. Under the proposal, the first $2,000,000 of purchase price would be exempt;…
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