Gov. Baker’s budget proposes real estate tax hike

Massachusetts Governor Charlie Baker released his administration’s state budget proposal for the upcoming fiscal year, and it is already drawing critiques from real estate advocates. In one of the many changes to state finances included in the proposed $42.7 billion budget, the governor’s office seeks to increase the statewide real estate transfer tax paid by property sellers.

However, this and other proposed amendments to the state budget must pass the Massachusetts House of Representatives and the Senate before being signed into law, and could change significantly in the meantime. Currently, the state imposes a tax on any transfer of real estate ownership, equal to $4.56 per $1,000 of property value. The transfer tax is levied on the seller.

Gov. Baker’s fiscal year 2020 budget recommends raising that rate to $6.84 per $1,000 of property value. According to the administration, this would raise between $130 million and $150 million per year that would be allocated toward a state-managed fund to address climate change. “This is an excise tax that’s basically about property. And the proposal we’re making here is to protect property,” Baker said about the proposal at a recent press conference, according to the Boston Globe. “We think in the long run, the cost

Article From: "Andrew Morrell"   Read full article

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