S2232 — Allows a municipality to set its own conveyance tax rate for residential properties sold in excess of $900,000.00 at $10 per $500. Provides collected taxes to be in a restricted account and distributed within 2 years for affordable housing.

S2232 — Allows a municipality to set its own conveyance tax rate for residential properties sold in excess of $900,000.00 at $10 per $500. Provides collected taxes to be in a restricted account and distributed within 2 years for affordable housing. · Informed CitizenryThis legislation allows local municipalities the power to establish their own tax rate on real estate transfer fees (conveyance tax). Specifically, the new tax applies only when residential propert…Open in Informed Citizenry