‘Taylor Swift tax’ goes into effect in Rhode Island. Here’s what it means

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleRhode Island implemented the Non-Owner Occupied Property Tax Act, nicknamed the "Taylor Swift Tax," which took effect on July 1. The new law targets residential properties assessed at over $1 million that are not primary residences and remain vacant for at least 183 days a year. It adds $2.50 for every $500 of a home’s assessed value above $1 million, with revenue funding the state's Low-Income Housing Tax Credit Fund for affordable housing. For example, Taylor Swift's $28 million Rhode Island mansion could axsee an annual tax increase of approximately $136,000 if she does not qualify for an exemption. Homeowners can avoid the tax by renting their property long-term or operating it as a frequently booked short-term rental, though realtors have raised concerns about potential confusion and negative impacts on property values. In fullRhode Island gives Taylor Swift a wedding present: A new big tax billMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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