Rhose Island senator proposes the 'Taylor Swift Tax' for vacation homes

Tax Policy & Legislation - Rhode Island passed the Nonowner Property Tax Act, also known as the "Taylor Swift Tax," targeting owners of second homes valued over $1 million who are not year-round residents [1] - The aim of the tax is to ensure non-resident homeowners pay their fair share or make their properties available for rentals [2] - Similar tax proposals are being considered in Cape Cod and New York City [4] Real Estate Market Impact - Real estate brokers express concern that the new law may discourage wealthy individuals from buying or staying in Rhode Island [3] - Nearly half of the homes valued at over $1 million sold in Rhode Island last year were purchased by non-residents [2] Public Perception & Fairness - The tax raises questions about fairness and justice in the tax code [4] - Some view the tax as a personal affront to wealthy homeowners [3]