Rhode Island’s ‘Tax Tax Taylor’ stands to hit her and her wealthy neighbors with six -digit bills

Rhode Island is weighing a proposal that could hit pop superstar Taylor Swift-and dozens of its wealthy neighbors-with a six-figure tax bill to leave their largely unauthorized coastal palaces.

The so-called Tax Tax of SWIFT, “an unofficial moniker for a proposed luxury property that is not used as a primary residence, would leave the signed tax on annual taxes in second homes worth over $ 1 million.

The widespread SWIFTH wealth in Watch Hill, valued at about $ 17 million, can undergo an additional $ 136,000 in taxes each year if the measure is approved, according to Realtor.com.

While the legislation does not separate Swift by name, its high profile ownership has put it in the spotlight of a broader debate playing throughout the elite enclaves of the New England coast.

The initiative, officially mentioned in budget documents as an occupied property tax, is part of an increasing effort of lawmakers to address the affordability of housing in the ocean state by entering the wealth of season residents.

At the heart of the proposal is a direct formula: property estimated at more than $ 1 million that is not used as a primary residence will face an additional $ 2.50 for $ 500 of the valued value beyond the first millions.

This is rapidly increasing for high -level homes in coastal cities such as Westerly and Newport, where property values ​​have increased in recent years, partly second to buyers overseas and short -term rental questions.

Lawmakers who support the measure argue that the ownership of the shortage contributes to the shortcomings of the housing and erodes the life of the community. Many luxury houses sit empty for most of the year, they say, as local workers and families fight to find affordable shelter.

Proponents believe the tax can help in the balance of that equation.

By imposing a cost of keeping empty homes, they hope to encourage property owners or talk more time in their homes or open them for tenants, which will inject life, and potentially income, into a quiet out -of -season community. Initiative.

However, opponents warn of unintentional consequences.

Real estate agents and long -standing property owners warn that measures can have investments, depression home values ​​and even family families of pressure to sell beach houses they owned for decades.â

They argue that politics throws a very net net, penalizing not only speculating investors but also those with deep roots in the state.

The debate on the bill has attracted sharp lines between lawmakers and real estate professionals, full-time residents and part-time neighbors. While some see the measure as a rectifier needed for a distorted housing market, others see it as a short act that can undermine property rights and local economies.

If passed, the law would not come into force immediately. The homeowners would have until July 2026 to be arranged – or trying them to speak at least 183 days a year on property (standard for primary residence status) or listing their homes as rent.