Tax reforms or a bonanza for billionaires?
The new appraised values from the Department of Revenue are now often hundreds of thousands of dollars above prior assessed values. With increased assessments being in play, the 2026 tax rate of 1.9% on the value of cabins, second homes and undeveloped residential lots will have a devasting impact.
The math is simple. For each $1,000,000 of value a second property owner will annually pay roughly 20,000 in taxes. With higher values, they’ll pay a corresponding increase. While some authorities suggest the mill levy process could bring the amount to be paid down, others believe the process may further increase the burden on the owners of second properties. The impact on businesses and industries that build, furnish, finance and serve owners of second properties of course remains to be determined.
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