An Act establishing a real property transfer fee in the town of Chatham

HD 4880 imposes a 0.5% fee on real property transfers in Chatham where the purchase price is $2 million or more, payable by the buyer at the time of transfer. The fee requires a certificate of payment for the transfer to be recorded by the registry of deeds, and all collected funds go directly into the Town's Housing Fund to support affordable housing (for households earning up to 100% of the area median income) and attainable housing (for households earning up to 200% of the area median income). The bill exempts certain transfers, such as those to government entities, and allows refunds within seven days if a transaction is canceled. This fee directly affects high-value property buyers in Chatham, with no impact on lower-priced transactions.