CONCORD — A new N.H. House bill proposes that luxury second homes be taxed an additional “assessment” to fund housing development programs.
Under the proposal, homes assessed at more than $1 million and not occupied as a primary residence for at least 183 days per year would face an additional state-level charge. The assessment would be set at $2.50 for every $500 of value above $1 million.
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(1) comment
If I'm not mistaken, million dollar homes already pay property taxes which increase as the home value goes up. Also, vacation owners do not send their children to the local school system. Should we pair this tax-grab by the Democrats with a Republican bill to offset this extra tax with a property-tax rebate for not utilizing the school system?
The private sector is a much better way to get more housing. If housing is expensive and tight, then change the laws to enable for more investment into building, including limiting laws that "protect tenants" such that potential landlords find better uses for their investment than building housing because of over-regulation.
The next bright Democrat idea to fix housing will be rent control. Yup, that ends up increasing the housing stock.
Actually, here is a serious idea. If this unlikely idea ever goes forward, vacation-homeowners should get a full rebate on these excess taxes they've paid when they sell their home. This would increase turnover, but it would also create a funding pool for housing which would essentially be a large, interest-free loan.
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