The proposed bill authorizes the town of Provincetown to impose a 0.5% real estate transfer fee on the purchase price of any real property interest valued at $1,000,000 or greater. This fee will be the responsibility of the purchaser, and any agreements regarding its allocation between the buyer and seller will not affect the seller's liability. The collected fees will be deposited equally into the Town's Year Round Market Rate Rental Housing Trust and the Provincetown Affordable Housing Trust.

Additionally, the bill outlines several exemptions from the transfer fee, including first-time homebuyers who occupy the home for at least five years, government transfers, and transfers between family members, among others. The fee is due at the time of the property transfer, and buyers will incur interest on any unpaid amounts. The town will notify buyers of any outstanding fees, which will be considered a personal debt recoverable through legal action. The bill will take effect upon passage.