Somerville Real Estate Home Rule Petition Deadline Nears

SOMERVILLE, MA – Somerville must submit its home rule petition for a real estate transfer fee to state lawmakers by the end of the month to be considered for this legislative session. The board of aldermen will discuss the fee at its meetings this week, scheduled for April 9 and 11 at 6 p.m.

The transfer fee would levy a fee of up to 1 percent of the purchase price on the transfer of property in Somerville. According to the Somerville Journal, exemptions include transfers between family members, government sale and transfers involving the elderly or property owners who had previous exemption for 20 years.

The fee, designed to push back against the lack of affordable housing in Somerville, could raise between $6.6 million and $9.1 million yearly, the Journal reported. At a meeting last week, some residents said they felt the decision to submit the petition is rushed, while others said the city should act now to reap the potential benefits.

Ward 5 Alderman Mark Niedergang told the Journal the board's consideration is a "first, very preliminary step" and it would be revisited extensively if approved by state lawmakers.

Read more from the Somerville Journal.

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