Lawmakers in at least three states this year raised taxes on pricey real estate or second homes, as luxury assets have become a tempting target for both Republicans and Democrats seeking new revenue to help fund their policy priorities
Montana lawmakers hiked property taxes on second homes and short-term rentals to help fund property tax cuts for full-time state residents. New Jersey lawmakers raised taxes on the sale of residential and some commercial properties worth more than $2 million to help balance the budget. And Rhode Island lawmakers approved a tax on second homes worth more than $1 million to fund low-income housing projects.
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