Wealthy Homeowners Face New Taxation Trends Across States
TL;DR Summary
Rhode Island has introduced a new tax targeting luxury second homes valued over $1 million that are unoccupied for more than half the year, which will significantly increase the property tax bill for Taylor Swift's $28 million estate, adding approximately $136,000 annually. The law aims to fund local services but has faced criticism for penalizing wealthy homeowners and potentially discouraging luxury tourism.
- Taylor Swift’s Rhode Island Mansion May Soon Cost Her $337K a Year — Thanks to the New ‘Taylor Swift Tax’ SheKnows
- Rhode Island's 'Taylor Swift Tax' on vacation homes of the wealthy is spreading to other states CNBC
- States target wealthy homeowners with new property taxes, sparking backlash Seeking Alpha
- Cape Cod Is Planning A New Tax On The Rich To Fund Affordable Housing AOL.com
- 3 Key Issues Rhode Island Faces In Its “Taylor Swift Tax” Era Forbes
Reading Insights
Total Reads
0
Unique Readers
1
Time Saved
2 min
vs 3 min read
Condensed
89%
556 → 62 words
Want the full story? Read the original article
Read on SheKnows