The Taylor Swift Tax of Rhode Island could affect it already its rich neighbors with six -digit invoices | Lifestyle | USA

A tax proposal could hit Taylor Swift’s pocket and dozens of wealthy owners in Rhode Island. Specifically, they would see invoices of at least six figures.

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This region evaluates to impose the so -called “Taylor Swift Tax” that seeks to tax luxury properties that do not function as the main residence, applying an annual surcharge to second homes valued in more than one million dollars.

Swift’s mansion in Watch Hill, valued at approximately 17 million dollars, would face an additional charge of $ 136,000 a year if the measure is approved.

Why will the “Taylor Swift tax impose?

Although the legislation does not specifically mention the superstar of pop, its prominent property has made it the face of a broader debate about affordable housing in New England coastal enclaves, review The New York Post.

The tax would apply $ 2.50 for every 500 dollars of appraised value that exceeds the first million in properties not occupied by its owners.

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This formula impacts more on coastal areas such as Westerly and Newport, where real estate values ​​shot due to buyers from other states and the demand for vacation rentals.

Defensores legislators argue that absent property contributes to housing shortages and erodes community life, while many mansions remain empty much of the year.

They expect the tax to encourage owners to spend more time in their homes or rent them, which translates into more life in the region and potential income to communities that are silent out of season. The income generated would be allocated to housing initiatives.

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However, from the aforementioned media they add that this tax proposal also has detractors who warn unwanted consequences.

For example, they fear that the discouragement of investment, deplies the values ​​of the properties and presses multigenerational families to sell houses inherited for decades.

They consider that politics is too broad, penalizes speculative investors as well as those who have roots in the state.

If approved, the owners would have until July 2026 to adjust, whether trying to spend at least 183 days a year in the property or listing it as rent.

(YO)

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