Legislators on Beacon Hill are currently considering the Affordable Homes Act. Within the bill is a local option for municipalities to enact a transfer tax.
There are several reasons why a transfer tax is wrong for the North Shore and the Commonwealth of Massachusetts.
It is an unfair tax levied against a small segment of the population for the benefit of the entire community. Buyers and sellers only make up approximately 2% of Massachusetts residents in a given year. Therefore, this is not a stable or reliable funding source.
Credible research has shown that a 1% transfer tax can lower inventory 7-15%. During this housing crisis, Massachusetts cannot afford that.
There are existing funding sources already that towns can utilize to build affordable housing such CPA, AHTF, grants, bonding, etc.
NSR encourages all to TAKE ACTION NOW and send an email to your State Senator and Representative. Your participation is important to preventing a new sales tax on homes.
