MAR Testifies In Opposition to Transfer Taxes | The Wednesday Word

Annie_testifying_2-23-16It has been another busy week on Beacon Hill. On Tuesday, MAR President Annie Blatz testified before the Joint Committee on Revenue in opposition to a proposal that would create a new transfer tax on the sale of real estate in Provincetown.

President Blatz testified that the creation of any “entrance or exit fee” to homeownership is the wrong policy for Massachusetts. Such a tax would result in thousands of dollars due at closing from the buyer or taken from the seller’s proceeds. For a buyer, this would raise the cost of becoming a homeowner, and for a seller a transfer tax would result in “equity stripping” of the value of one’s home. For those sellers with little or no equity in their home, transfer taxes could force sellers into a short sale situation. Very simply, transfer taxes would increase the cost of home ownership and create an additional barrier to entry for an already expensive state.

If passed, other Massachusetts communities and interest groups facing budgetary issues and needs could seek similar authority to solve revenue problems. The imposition of this type of new sales tax on homes could have serious implications for the Massachusetts economy and set the wrong precedent for the Commonwealth’s tax policies. By testifying at the hearing in opposition to the proposal, MAR continues to fight for sound tax policy and protect new and existing homeowners.

(Please note: This blog post was prepared by MAR Legal Staff: Michael McDonagh, General Counsel; Ashley Stolba, Associate Counsel; Justin Davidson, Legislative & Regulatory Counsel; and Christine Howe, Public Policy and Finance Coordinator)

 

These 10 MA Towns towns experienced the highest increases in sales and price in January

Top-ten_blog_purple

Closed Sales Percent Increase
Median Sales Price Growth Median Price Percent Increase
1. Eastham +1000.0% 1. Dudley $212,850 + 78.1%
2. Bedford, Dudley +450.0% 2. Wrentham $456,000 + 72.7%
3. Ashburnham +366.7% 3. Hull $452,500 + 70.8%
4. Everett +300.0% 4. Barnstable $531,500 + 54.1%
5. Maynard +233.3% 5. Ashburnham $199,500 + 53.5%
6. Hull +175.0% 6. Agawam $248,000 + 49.8%
7. Grafton +160.0% 7. Northampton $315,000 + 48.2%
8. Mashfield +130.0% 8. Hingham $729,000 + 46.4%
9. Sandwich +125.0% 9. Lunenburg $250,000 + 42.9%
10. Lunenburg, Wrentham, Hudson +120.0% 10. Winchester $969,500 + 41.7%

*A minimum of ten homes must have been sold in each town during January 2016 to make this list.

All data used in the rankings is compiled from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS®, Inc. and MLS Property Information Network, Inc.

What’s Being Said in the Media: January 2016 Closed Sales Report

what's being said in the media 2016

These articles and posts resulted in the release of our January 2016 Closed Sales Release. We’ll continue to update this post as more articles come in.

Tuesday, February 23, 2016

January single-family home sales surge, prices don’t
Boston Globe

Sales of single-family homes make huge jump in Mass.
WCVB

Sales of single-family homes make huge jump in Massachusetts
Boston Herald

Single-family home sales surge in Mass.
Worcester Telegram

Big bump in Mass. home sales to start 2016
Taunton Gazette

Sales Of Single-Family Homes Make Huge Jump In Mass.
WBUR

Big bump in Mass. home sales to start 2016
Fall River Herald News

Wednesday, February 24, 2016

Big jump in sales of single-family homes in Massachusetts
Lowell Sun