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HB 1707 pairs transfer‑tax relief for low/moderate buyers with steep penalties on long‑vacant properties
Summary
Representative Reed proposed HB 1707 to exempt qualifying low/moderate‑income buyers from the state transfer tax and to levy a heavy supplemental tax on residential properties vacant or short‑term rented for more than half the year; the sponsor said the package would free up housing while funding buyer relief, but opponents warned of perverse incentives and administrative complexity.
Representative Ellen Reed told the committee HB 1707 would use two levers to address the housing crunch: a transfer‑tax exemption for low to moderate‑income households and a steep supplemental tax on residential properties left vacant or used as short‑term rentals for at least six months of the year. Reed emphasized the bill's behavioral intent: to incentivize owners to rent properties into the market rather than leaving them vacant.
Her testimony included…
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