Latest news with #RhodeIslandAssociationOfRealtors
Yahoo
24-06-2025
- Business
- Yahoo
‘Taylor Swift tax' proposed in Rhode Island
(NewsNation) — Rhode Island officials have shared their latest budget proposals, with one being unofficially referred to as a 'Taylor Swift tax' on second or seasonal homes. The Rhode Island Association of Realtors has raised concerns that the proposed changes, which would also reportedly increase a seller's fee by 63 percent overall, would hit both home sellers and buyers, potentially making the market more unaffordable. National parks may impose surcharge on some visitors in 2026: budget proposal The association's president, Chris Whitten, told NBC 10 News, 'Please, don't take from our housing market at the moment to balance the budget for other items, it's going to be detrimental.' The budget proposals are specifically targeting the high-end vacation homes. The unofficially named 'Taylor Swift tax' would put a new surcharge on second homes that are worth over $1 million. If this proposal is approved, it would add an additional fee for owners of nonprimary residences that are empty for over half the year. That annual fee would be $2.50 for every $500 of value that is above the $1 million mark. So, a home that is $2.5 million and sits empty for over half the year could have an extra $7,500 in taxes each year. For Swift's Watch Hill estate, she could owe an additional $136,000 a year in taxes. Swift purchased that estate, which is three floors with seven bedrooms and nine bathrooms, in 2013 for $17.75 million. She has been known to have celebrities over for parties, including her Fourth of July parties. Called the Westerly Mansion, the home built in 1904 was also the inspiration for one of the songs on Swift's 2020 'Folklore' album, 'The Last Great American Dynasty.' The other proposal would affect what sellers have to pay during closing. The conveyance tax would go from $2.30 to $3.75 for every $500, which would be a 63 percent increase. According to Zillow, the average selling price of a home in Rhode Island is around $492,939. With the new rate, the tax would go from $2,200 to $3,700. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
22-06-2025
- Business
- Yahoo
Rhode Island Realtors say ‘Taylor Swift Tax' to cost rich residents thousands more a year — why it's an issue
Closing on a home is already expensive, but new budget proposals in Rhode Island could drive costs even higher. The Rhode Island Association of Realtors is raising concerns, arguing two proposed tax changes would hit buyers and sellers hard, making the state's fragile housing market even more unaffordable. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) "Please, don't take from our housing market at the moment to balance the budget for other items, it's going to be detrimental," association president Chris Whitten told NBC 10 News. One measure would hike the conveyance tax — a seller's fee — by 63% across the board. The other, nicknamed the 'Taylor Swift tax,' would add new costs to seasonal or second homes. Here's what's behind these new taxes and why they could spell bigger trouble for Rhode Island's housing market. Rhode Island's budget plan targets high-end vacation homes — with a proposal nicknamed after a pop star grabbing headlines. One of the proposals would add a new surcharge on second homes worth more than $1 million, unofficially branded the 'Taylor Swift Tax." If it moves forward, owners of non-primary residences that sit empty for more than half the year would owe an annual fee of $2.50 for every $500 of value above the $1 million threshold. A $2.5 million lakefront cottage, for example, could face an extra $7,500 a year in taxes — simply for sitting vacant too long. Even Taylor Swift herself might think twice about keeping her Watch Hill estate. If this measure passes, her sprawling getaway could rack up an extra $136,000 a year in taxes. The second major proposal would raise the conveyance tax — the fee sellers pay at closing — from $2.30 to $3.75 for every $500 of a home's sale price, a 63% increase. For context, the average home in Rhode Island sells for about $492,939, according to Zillow. Under the new rate, that would mean about $3,700 in conveyance tax, up from roughly $2,200. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it While the new fees may sting, supporters say they're necessary to tackle two major crises: a health care system on life support and an anemic housing market. House Speaker Joe Shekarchi said the budget needed fresh revenue to prop up primary care and Medicaid funding. 'To address Rhode Island's crisis in health care, we needed to make tough decisions,' he told NBC 10. At the end of May, Attorney General Peter Neronha rolled out a sweeping plan to fix the state's health care system, including raising Medicaid reimbursement rates to match Medicare for primary care — a move aimed at keeping local clinics afloat and reducing waitlists. In a recent press release, he warned that without action, Rhode Island could face what he called 'spectacular failure.' Supporters also argue that seasonal ownership inflates home prices and leaves properties vacant for much of the year. At the same time, the median home price in the Ocean State has climbed to historic highs, and average rent for a two-bedroom has surpassed $2,000 a month — leaving at least a third of Rhode Island households spending more than they can afford just to keep a roof overhead, according to The Newport Buzz. By taxing luxury properties and adding costs to real estate transactions, supporters believe the state can reinvest in housing access for those who need it most. Critics argue it could make buying or selling even harder in an already tight market. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
