'Taylor Swift Tax' Targets Rhode Island Real Estate Owners With More Closing Taxes And Penalties If They Leave Seasonal Homes Vacant

Rhode Island lawmakers want to balance next year's budget with a pair of real-estate levies that critics have nicknamed the "Taylor Swift tax," citing the pop star's $17 million Watch Hill mansion as an example of who would pay.

What Happened: According to a report by NBC 10 News, the House plan would slap a new surcharge on second or seasonal homes valued above $1 million and raise the statewide conveyance tax that sellers pay at closing by 63%.

Owners of non-primary residences left vacant for more than six months a year would owe an extra $2.50 per $500 of assessed value over the first $1 million. A $2.5 million beach house, for instance, ...