An Act authorizing the town of Truro to impose a 0.5% real estate transfer fee

This bill imposes a 0.5% fee on the purchase price of real estate in Truro, paid by the buyer at the time of sale. The fee funds two town accounts: 50% goes to the Capital Improvement Stabilization Fund and 50% to the Affordable Housing Trust Fund. First-time homebuyers (who live in the home for 5+ years), government transfers, family transfers, and certain charitable or low-value transfers are exempt. Buyers must pay the fee in full by closing, with interest accruing on unpaid amounts, and failure to pay creates a personal debt enforceable in court.