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Tax on Under-Utilized Foreign-Owned Residential Property

This new law introduces a tax on residential properties in the U.S. owned by non-U.S. persons that remain vacant for most of the year. The aim is to encourage more efficient use of these properties. This tax does not apply to U.S. citizens or permanent residents.
Key points
Imposes a 1% annual tax on the estimated value of residential properties owned by foreign persons.
Applies to single-family homes or buildings with up to four residential units, if occupied for less than 29 days per tax year.
Estimated value is the higher of the appraised value for state/local property taxes or the most recent sales price.
The law takes effect for tax years beginning after its enactment date.
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Expired
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Additional Information
Print number: 117_HR_9438
Sponsor: Rep. Jacobs, Chris [R-NY-27]
Process start date: 2022-12-06
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

American Property Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_9438.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-12-06.

What are the main provisions?

Key points include:

  • Imposes a 1% annual tax on the estimated value of residential properties owned by foreign persons.
  • Applies to single-family homes or buildings with up to four residential units, if occupied for less than 29 days per tax year.
  • Estimated value is the higher of the appraised value for state/local property taxes or the most recent sales price.
  • The law takes effect for tax years beginning after its enactment date.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Jacobs, Chris [R-NY-27].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Real Estate