SENATE TO INCREASE DEEDS EXCISE TAX FROM $20 to $50

By Bob Katzen

Senate 38-0, approved an amendment raising the state deeds excise tax from $20 to $50. The deeds excise tax is paid by the seller of the property and funds the state’s Community Preservation Act Trust Fund that “matches” the money raised by local cities and towns which are allowed to impose a surtax on real estate sales to fund projects like affordable housing, preservation of historical resources and open space.

Amendment supporters said the new tax revenue would be used to increase the “matching” funds given to communities. They noted that the match was a real 100 percent in 1999 but has sunk to 11 percent.

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