creating an additional property tax for certain unoccupied properties and creating a housing transfer tax exemption for certain low- and moderate-income home buyers.

Summary

The bill would add a supplemental residence tax that owners must pay on properties that are empty or used as short‑term rentals for at least six months in a year. It also provides a one‑time exemption from the real‑estate transfer tax for buyers who have no other property and whose household income is at or below the median for a three‑person household in their area. The goal is to discourage prolonged vacancies and help first‑time, low‑ and moderate‑income buyers afford a home.

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