State legislators in Massachusetts are preparing to consider Gov. Maura Healey's $4B housing bond bill, the centerpiece of the governor's effort to address the national housing crisis by building or renovating more than 65,000 homes.
Tucked away in the bill is a provision that would allow cities in the Bay State to impose a property transfer tax of 0.5% to 2% on property sales exceeding $1M. The revenue from the tax will go toward affordable housing projects.
If it seems like we've seen this movie before, we have: in Los Angeles—which in April 2023 enacted a transfer tax of 4% on property sales exceeding $5M and 5.5% on sales of more than $10M—and, most recently, in Chicago, where voters in March rejected a transfer tax similar to the proposal under consideration in Massachusetts.
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