US Edition‘Taylor Swift Tax’ Proposed in Rhode Island
- Rhode Island lawmakers proposed a 'Taylor Swift Tax' that would impose a 0.6% annual tax on non-owner occupied properties valued over $2 million.
- This tax proposal aims to generate revenue but has drawn concern from Realtors who argue it could worsen affordability in a market squeezed by high prices and mortgage rates.
- Taylor Swift owns multiple high-value homes including an 11,000-square-foot Watch Hill mansion worth $17 million that could face an annual tax exceeding $136,000 under this law.
- Chris Whitten, president of the Rhode Island Realtors, warned that diverting resources from the already strained housing market to address budget shortfalls could have damaging consequences.
- Supporters argue the tax could fund affordable housing and discourage luxury homes from remaining vacant, but Realtors fear it may damage the fragile housing market.
15 Articles
15 Articles
Dave Portnoy slams Rhode Island’s ‘Taylor Swift tax’: “Don’t give Massachusetts any ideas!” - Newport Buzz
Newport Buzz Dave Portnoy slams Rhode Island’s ‘Taylor Swift tax’: “Don’t give Massachusetts any ideas!” Barstool Sports founder and noted second-home enthusiast Dave Portnoy is not shaking it off when it comes to Rhode Island’s latest real estate bungle — the so-called “Taylor Swift tax.” Appearing on Fox Business’ Varney & Co., Portnoy called the proposal “government overreach” and warned it could spook luxury buyers across New England. “We do…
Bill dubbed 'Taylor Swift Tax' set to hit Rhode Island · American Wire News
Taylor Swift’s luxury lifestyle is set to cost her more after a new state budget impacted her and her peers who call the Ocean State a second home. (Video Credit: WJAR) While the pop princess may have supported then-Vice President Kamala Harris in the 2024 election, the Democratic Party in Rhode Island had no qualms with imposing a new tax that realtors expect will rock the market. Part of the $14.3 billion budget that was opposed solely by the …
'Taylor Swift Tax' Targets Rhode Island Real Estate Owners With More Closing Taxes And Penalties If They Leave Seasonal Homes Vacant
RI lawmakers propose Taylor Swift tax on second homes over $1 million to fund affordable housing. Swift's RI mansion could pay $136K/year.
‘Taylor Swift tax’ proposed in this state
(NewsNation) — Rhode Island officials just shared their new budget proposals, with one including what is being unofficially referred to as the "Taylor Swift tax." The "Taylor Swift tax" would add costs to seasonal or second homes. Another measure would reportedly increase a seller's fee by 63% overall. The Rhode Island Association of Realtors has raised concerns that the proposed changes would hit both homesellers and buyers, which could make th…
'Taylor Swift tax' proposed in Rhode Island
(NewsNation) — Rhode Island officials just shared their new budget proposals, with one including what is being unofficially referred to as the "Taylor Swift tax." The "Taylor Swift tax" would add costs to seasonal or second homes. Another measure would reportedly increase a seller's fee by 63% overall. The Rhode Island Association of Realtors has raised concerns that the proposed changes would hit both homesellers and buyers, which could make th…
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