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NYC eyes second-home money
Owning a second home may soon come with a bigger bill in New York City. NYC is weighing a pied-à-terre tax on high-value second homes as leaders seek funds to help close budget gaps.
The plan would target non-primary homes worth at least $5 million. Supporters say luxury second homes are a fair source of revenue, while critics warn wealthy owners could take their money elsewhere.
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Rhode Island targets empty homes
Rhode Island has approved a non-owner-occupied property tax set to take effect July 1, 2026, often nicknamed the Taylor Swift tax. It applies to certain non-owner-occupied homes assessed over $1 million unless the owner can document that the home is lived in or rented for at least 183 days a year.
The idea is simple but controversial. Supporters want owners to either pay more, rent the homes out, or use them more often. Opponents say it could punish seasonal communities and add another burden to property owners.
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Second home taxes spread
Second-home surcharges and vacancy-style taxes are becoming a bigger part of the housing debate across the country. Still, other places have also considered vacancy taxes or extra charges on homes that sit unused…