Search results
0.456%
- Massachusetts already has a statewide transfer fee, known as the Deeds Excise Tax, which is assessed at a rate of 0.456% of the total value of the transaction. Transfer taxes are levied across two-thirds of US states and many cities, though their form varies widely and their effects have not been studied extensively.
www.mass.gov › info-details › the-affordable-homes-act-transfer-fee-analysis
People also ask
How much is a real estate transfer fee in Massachusetts?
How much does a real estate transfer cost?
Would a real estate transfer fee be taxed?
How much does a transfer tax cost in Massachusetts?
Should Massachusetts impose a fee on home sales above a median price?
Does transfer tax reduce real estate sales?
Jan 18, 2024 · The Affordable Homes Act includes a provision that would grant Massachusetts municipalities the authority to implement a real estate transfer fee of 0.5% to 2.0% on transactions or more than $1M or the county median single family home price, whichever is greater.
The affordable housing crisis in Massachusetts is destroying our communities, but there is a solution: A local-option transfer fee on real estate that protects seniors and first-time buyers and only applies to high-dollar home sales.
The Boston GlobeMass. Senate unveils $5.2 billion housing bond bill, excluding real estate transfer fee - The Boston Globe
While it mirrors the House’s bill in leaving out the controversial fee, the Senate’s version of the bill diverges from the House version in a number of ways. The ...House’s $6.2 billion version ...
2 days ago
- The Martha's Vineyard Times
Transfer fee stripped from Senate housing legislation - The Martha's Vineyard Times
The 17-member Senate Ways and Means Committee polled the housing...Senate Housing Committee Chairwoman Lydia Edwards, chipping away at the 220,000-unit shortage Massachusetts is expected to ...
1 day ago
The local option for a real estate transfer fee proposed in Healey’s version of the bill would have taxed a portion of properties sales over $1 million by between 0.5% to 2% and direct revenue ...
- Who Pays Transfer Taxes in Massachusetts: The Buyer Or The Seller?
- How Much Are Transfer Taxes in Massachusetts?
- Can You Deduct Transfer Taxes?
- Other Tax Considerations
- Methodology
In Massachusetts, the responsibility for the tax falls on the seller. Remember, that when you buy a property everything is up for negotiation and who pays the transfer tax or how it's split can be arranged by the buyer and the seller.
The amount of the transfer tax depends on how much the property sells for and its location. The basic transfer tax rate in Massachusetts is $2.28 per $500 of property value. However, some counties charge additional transfer taxes. For example, in Barnstable County the combined state and county excise rate is $2.85 per $500. To pay the tax, you purc...
Transfer taxes are not tax deductible for either the buyer or the seller. However, they can save you money in other ways. Transfer taxes are considered in the cost basis of the property, which is used to calculate the final capital gain on the sale. Raising the cost basis of the home decreases the total gain on sale. That means you will pay less in...
The Massachusetts real estate tax stamps are mandatory payments. The cost of the tax needs to be factored into the total cost of the purchase property. Since it is negotiable, both the buyer and seller should familiarize themselves with it. One way to do this is to talk to a local realtor. A Clever Partner Agent can help you navigate all the fees a...
Transfer tax amounts are based on government website information as of February 2024.We gathered our listing commission rate data from a December 2023 survey of 630 of our partner agents.Home values, list prices, and sale prices are based onZillowdata as of March 2024.Nov 27, 2023 · The value of a real estate transfer fee depends on the rate (0.5 percent to 2 percent under current proposals), the sale price threshold over which the fee applies, and the method of calculating the fee (assessed on the entire sale price or only the portion of the sale price above the threshold).
Jun 6, 2023 · The bill, known as H. 2747 and S. 1771, authorizes communities to adopt a transfer fee of between 0.5% and 2% on real estate transactions above $1 million to create a trust to fund...
Jan 18, 2024 · This page summarizes our methods, the estimated impacts, and other research salient to the bill. Companion pages, linked below, provide a deeper dive into the Real Estate Transfer Fee and the Economic Impact Analysis conducted by the University of Massachusetts Donahue Institute.
