• Boston City Council proposes new real estate taxes, fees

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    BOSTON - Boston City Councilors are set to propose new fees on some real estate deals to help pay for more housing in the city.

    The Boston Globe reports the measure will be filed Monday. 

    Among the increases proposed, it would set up a "flipping tax" of up to 25 percent for properties that are sold twice in two years.

    It would also tax many of the commercial and residential properties sold over $2 million up to six percent. The councilors behind the plan say it could bring in between $175 million and $350 million per year.

    The council says it wants to use the taxes to create more housing in the city. Real estate groups warn those taxes could hurt efforts to build affordable housing with the cost of land and construction already being high.

    The bill would need to be voted on by lawmakers on Beacon Hill.

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