What to know about Mayor Michelle Wu's proposed real estate transfer tax

Mayor Michelle Wu has put forth a proposal to levy a transfer tax on real estate sales in Boston over $2 million — a move that could bring in nearly $100 million annually to help fund affordable housing initiatives, her administration says.

Wu, on Monday, filed a home rule petition that, if approved, would establish a fee of up to 2 percent on certain real estate sales to be paid by sellers.

Such a tax would have brought in an estimated $99.7 million for the city in 2021.

The petition also includes expanded property tax cuts for low-income seniors by rewriting eligibility criteria in the city’s 41C program, which gives tax assistance to residents over the age of 65 who live in homes that they own. The changes would allow for several thousand more homeowners to become eligible based on their income.

“Housing is health, safety, and opportunity—and housing stability must be the foundation for our recovery from the pandemic,” Wu said in a statement. “As the cost of housing has become more and more out of reach for families, we must take urgent action to keep families in their homes and build a city for everyone.”

Read more: http://realestate.boston.com/news/2022/02/01/what-to-know-about-mayor-michelle-wus-proposed-real-estate-transfer-tax/