This bill introduces a new property tax, referred to as the Supplemental Residence Tax (SRT) or Unoccupied Housing Tax, which applies to properties that are unoccupied for at least six months or used as short-term rentals for the same duration within a tax year. Owners of such properties will be required to pay an amount equivalent to all property taxes, fees, and interest owed to local municipalities. Additionally, the bill establishes a one-time exemption from the Real Estate Transfer Tax (RETT) for low- and moderate-income home buyers who meet specific criteria, including not owning any other property and having a household income that does not exceed 100% of the median income for a three-person household in the relevant area.

The bill amends existing laws by inserting new sections into RSA 72 and RSA 78-B, specifically creating sections 72:6-b and 78-B:14, while no deletions from current law are noted. The effective date for the provisions of this act is set for April 1, 2027. The Department of Revenue Administration anticipates an indeterminable increase in general fund revenue from the SRT starting in FY 2028, alongside an indeterminable decrease in revenue due to the RETT exemption beginning in FY 2027. The estimated administrative cost for implementing the SRT is projected to be $300,000 in FY 2027.