I have heard that zakāt is payable on assets above your basic needs. Do I have to pay zakāt on my second house?
Answer:
Zakāt is payable only on certain types of assets which are above your basic needs. All assets above your basic needs are not zakātable. If your second house is a secondary residence or even a holiday home, then there is no zakāt to pay. The same applies to extra cars, extra clothes, etc.
If, however, your second home has been purchased as an investment with the fixed intention of reselling, then zakāt is necessary on the market value of the property.
Allah knows best
Ibrāhīm ibn Muḥammad