Real Estate
Massachusetts Eyes Mansion Tax to Fund Affordable Housing
- Opponents say fee could further squeeze commercial properties
- Officials in almost 30 municipalities have supported the bill
The Massachusetts State House in Boston.
Photographer: Phil Roeder/Moment RF/Getty ImageThis article is for subscribers only.
Massachusetts is jumping into the national debate on the affordable housing crisis with a proposal to tax high-value property sales.
Governor Maura Healey’s $4 billion housing bond bill, the state’s biggest-ever investment in its residential stock, includes a provision allowing cities to impose a transfer fee of 0.5% to 2% on property sales exceeding $1 million. The revenue generated would go toward affordable housing projects.