Rhode Island is weighing a proposal that could hit pop superstar Taylor Swift — and dozens of her wealthy neighbors — with a six-figure tax bill for leaving their coastal mansions mostly unoccupied.
The so-called “Taylor Swift Tax,” an unofficial moniker for a proposed surcharge on luxury properties not used as a primary residence, would levy significant annual fees on second homes valued over $1 million.
Swift’s sprawling estate in Watch Hill, assessed at roughly $17 million, could be subject to an additional $136,000 in taxes each year if the measure is approved, according to Realtor.com.
While the legislation does not single out Swift by name, her high-profile ownership has thrust her into the spotlight of a broader debate playing out across New England’s elite seaside enclaves.
The initiative, formally referred to in budget documents as a “non-owner-occupied property tax,” is part of a growing effort by lawmakers to address housing affordability in the Ocean State by tapping into the wealth of seasonal residents.
At the heart of the proposal is a straightforward formula: properties valued at more than $1 million that are not used as a primary residence would face a surcharge of $2.50 per $500 of assessed value beyond the first million.
That adds up quickly for high-end homes in coastal towns like Westerly and Newport, where property values have surged in recent years, partly due to out-of-state buyers and short-term…