POR 2016-50

Asked the City Manager to confer with the City Solicitor, the City Assessor and the Community Development Department to prepare a Municipal Transfer Tax Ordinance and, if required, appropriate Home Rule Petition, to implement a municipal transfer tax on real estate transactions in the City of Cambridge such that the value of a real estate transaction not less than $1 million be taxed on a sliding scale based on said transaction value, with proceeds being earmarked for affordable housing initiatives in the City, and to report back to the City Council