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Commission explores 1% real-estate transfer tax as option to fund affordable housing
Summary
Commission chair raised the idea of a 1% real-estate transfer tax to support affordable housing; consultant Michael Allen cited a New York formula that taxes only the amount above the county median sale price as a comparable example.
At the July 16 workshop, David Michelson asked whether the town could institute a 1% real-estate tax on sales to fund affordable housing efforts. Michelson framed the idea as a local revenue tool to support housing affordability without expanding general budget appropriations.
Consultant Michael Allen responded that New York has used a model that applies a tax only to the portion of a sale price above the county median—an approach that limits the tax base to higher-priced transactions. The commission discussed the idea but took no formal vote or adoption; staff and the commission will consider funding options in future sessions.
