Rhode Island Considers ‘Taylor Swift Tax’ on Luxury Homes
Rhode Island is exploring a new tax initiative dubbed the "Taylor Swift tax," officially known as the Non-Owner Occupied Property Tax Act. If enacted, the legislation would impose a tax on secondary residences valued over $1 million. The proposal gained attention following pop superstar Taylor Swift’s purchase of her mansion in the state for approximately $17 million in 2013, which is now estimated to be worth around $28 million according to Zillow. Under the proposed tax structure, non-owner occupied properties like Swift’s could face an annual tax bill of about $135,000.
Rhode Island lawmakers are currently evaluating the proposal as part of a broader budget bill aimed at addressing the state’s financial landscape. As discussions progress, the legislation has sparked interest and debate about luxury taxes and their impact on wealthy homeowners. Advocates argue the tax could generate significant revenue for state programs, while opponents warn it could deter high-value investments. The outcome of this proposal could have lasting implications for Rhode Island’s real estate market and its appeal to affluent buyers. Stay tuned for further updates as the legislative process unfolds.
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