S.B. 2216 Summary

• Establishes a new empty homes tax on transfers or conveyances of vacant residential real property, defined as property used less than 50 days per calendar year.

• Tax rate equals 5% of the county real property tax assessed value of the unit per year, payable monthly by the 20th of each month.

• All tax revenues collected are deposited into the state treasury and credited to the dwelling unit revolving fund established under section 201H-191.

• Applies to fee simple or leasehold residential properties with 1-4 dwelling units and residential condominiums or cooperative apartments used primarily as residences.

• Takes effect July 1, 2050.