Rhode Island is considering a so-called "Taylor Swift tax" on luxury homeowners. The proposal is officially called the Non-Owner Occupied Property Tax Act. If passed, it would tax non-owner occupied homes or secondary residences valued at more than $1 million.
Swift purchased her Rhode Island mansion for about $17 million in 2013. Zillow lists the property's current value at $28 million, which would result in a tax of about $135,000 a year. State lawmakers are still reviewing the proposal as part of a larger budget bill.
The bill's sponsor, State Sen. Meghan Kallman, told Newsweek the proposal is meant to address inequality.
"By asking these owners to pay their fair share, Rhode Island can generate much-needed revenue and prevent cuts to essential services like health care and education. This is part of overall efforts to make our tax code fairer for working people," Kallman said.
She argued that homeowners such as Swift, who do not live in high-priced homes, do not contribute to Rhode Island's economy.
"More than half of Rhode Island homes worth more than $1 million from 2019 to 2024 were bought by buyers from out of state," Kallman told Newsweek. "These homes are purchased by high net worth individuals who can afford multiple properties but do not contribute as directly to the local economy as full-time residents."
