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Time of India
15 hours ago
- Entertainment
- Time of India
Rhode Island targets Taylor Swift with new tax bill — days after human remains found near her mansion where she hopes to raise family with Travis Kelce
Rhode Island 'Taylor Swift Tax' (Getty Images) Just as Taylor Swift was preparing to turn her $17 million Watch Hill mansion into a dream family home with Travis Kelce , Rhode Island lawmakers are considering introducing a new tax bill that could cost the global superstar a hefty annual sum. The proposal, unofficially dubbed the 'Taylor Swift Tax,' comes amid swirling headlines — including the grim discovery of human remains near her seaside property. ' Taylor Swift tax ' gains traction in Rhode Island: Here's what it means for high-end homeowners On May 14, 2024, remains were found along the shoreline in Watch Hill, not far from Swift's sprawling estate known as 'Holiday House.' On June 13, South Kingstown Police confirmed the remains were identified as 31-year-old Eric Wein of Massachusetts. While unrelated to Swift directly, the unsettling event cast a somber mood over a location the singer has often called her 'sanctuary.' Adding to the tension, a new bill introduced in Rhode Island's budget aims to impose a 'non-owner-occupied property tax' on luxury homes valued above $1 million that sit empty for more than half the year. Despite not being named directly, Swift has become the poster face of the bill, thanks to her high-profile presence in the state. The proposed law would charge homeowners $2.50 for every $500 of assessed value beyond the first million dollars, potentially costing Swift an additional $136,000 annually. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Container Houses Indonesia (Prices May Surprise You) Container House | Search Ads Search Now Undo Swift's Rhode Island mansion — the most expensive private residence in the state — was purchased in 2013 for $17.75 million. The colonial-style estate has become legendary for its star-studded Independence Day parties and was immortalized in her hit track 'The Last Great American Dynasty.' Today, the property is undergoing a $1.7 million renovation that includes a new bedroom suite, updated kitchen, and added guest space — all part of her plans to build a future with Kelce. Spanning over five acres with a 700-foot stretch of private beach, a pool house, and grand patios, the estate remains one of Swift's favorite escapes. She was last seen there in August 2024, unwinding with Kelce and friends after wrapping up the European leg of her Eras Tour. Yet, the so-called Taylor Swift Tax has sparked controversy. The Rhode Island Association of Realtors has voiced strong opposition, arguing the measure could hurt an already strained housing market. Critics worry that, while aimed at the wealthiest homeowners, the bill could ripple through the broader real estate ecosystem, making it harder for everyday buyers and sellers. If the legislation is signed by Governor Dan McKee, even the Ocean State's biggest pop star might face a financial 'cruel summer' — just not the one she wrote about. Also Read: Is Travis Kelce ready for Hollywood? Veteran actor Christopher McDonald thinks so after Chiefs star's 'Happy Gilmore 2' cameo Game On Season 1 continues with Mirabai Chanu's inspiring story. Watch Episode 2 here.
Time of India
4 days ago
- Business
- Time of India
Shake it off? Not anymore — Rhode Island floats Taylor Swift Tax on fancy homes sitting pretty and empty
Rhode Island wants to add a new tax to super expensive homes that are often empty and people are calling it the 'Taylor Swift tax' because the pop star owns one of those big vacation houses in the state. This new tax would mostly affect rich people with second homes worth over $1 million. Rhode Island shared its new state budget plans this week. One of the budget ideas is being called the 'Taylor Swift tax' by people online and in the news. According to NBC 10 News, this tax would apply to second or vacation homes valued at over $1 million. Tax is only for homes that stay empty It would only apply if the home is empty for more than half the year. If approved, owners would pay an extra $2.50 for every $500 of the home's value above $1 million. For example, if a vacation home costs $2.5 million and it sits empty, the owner could owe an extra $7,500 a year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 10 Most Beautiful Women In The World OMGIFacts Undo Taylor Swift's Watch Hill home in Rhode Island is valued at $17.75 million, so if the rule takes effect, she could end up paying about $136,000 more in taxes each year. Swift bought the house in 2013 and it has 7 bedrooms, 9 bathrooms, and is three floors tall, as per the report by NBC 10 News. The mansion is famous, Swift even had celebrity Fourth of July parties there, and it inspired her song 'The Last Great American Dynasty' from her Folklore album. The Rhode Island Association of Realtors is not happy with the proposal. Live Events Realtors say the plan is bad for buyers The group's president, Chris Whitten, said this plan could make the housing market worse and more expensive. He said, 'Please, don't take from our housing market at the moment to balance the budget for other items, it's going to be detrimental.' Another budget proposal would raise the seller's closing fee, called the conveyance tax, according to NBC 10 News. This fee would increase from $2.30 to $3.75 per $500 of the sale price, a 63% rise. For instance, on an average Rhode Island home priced around $492,939, the fee would jump from about $2,200 to $3,700. Both taxes are meant to help the state make more money, but some people think it will hurt regular home buyers and sellers, not just the rich, as per reports. FAQs Q1. What is the Taylor Swift tax in Rhode Island? It's a proposed tax on second homes worth over $1 million that stay empty for more than half the year. Q2. Why is it called the Taylor Swift tax? Because Taylor Swift owns a $17.75 million vacation home in Rhode Island that could be affected by this tax.
Newsweek
4 days ago
- Business
- Newsweek
Rhode Island Considers 'Taylor Swift Tax'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. A new bill that would introduce higher taxes on luxury second homes in Rhode Island, nicknamed the "Taylor Swift Tax" after the Pennsylvania-born superstar, is causing quite a stir. If enacted, the proposal would impose an additional charge on owners of luxury homes worth more than $1 million in Rhode Island who do not use them as their primary residences, including Swift, who owns the most expensive home in the state—the High Watch estate. The singer-songwriter purchased the property in Watch Hill, a historic district in Westerly—which has a total of seven bedrooms and nine bathrooms—back in 2013 for $17.75 million. Since then, she has hosted high-profile, star-studded Independence Day parties in the colonial-style historic mansion, which inspired the song "The Last Great American Dynasty," included in Swift's 2020 Folklore album. Newsweek contacted the Rhode Island Association of Realtors and Taylor Swift's publicist for comment by email on Tuesday. What To Know About The 'Taylor Swift Tax' Under the budget proposal—officially called the non-owner-occupied tax—owners of homes worth more than $1 million in Rhode Island that sit empty for over half of the year (more than 183 days) would pay an annual fee of $2.50 for every $500 of the home's value above $1 million. That means that Swift, who owns seven homes across the country including in New York City, Beverly Hills and Nashville, would have to pay an additional $136,000 a year in taxes should this proposal be approved. Homes worth more than $1 million which are rented out for most of the year would not be subject to the surcharge. Luxury homes in Watch Hill, Rhode Island. Luxury homes in Watch Hill, Rhode Island. Getty Images data shows that the proposal would have a relatively big impact on the Rhode Island housing market. Listings for homes worth more than $1 million have more than doubled in the Ocean State over the past six years, going from 10.7 percent of all homes for sale in 2019 to 22.3 percent in mid-2025. Between January and May, about one in five homes on the market in Rhode Island were priced above $1 million. Investment in second homes has also increased over the past decade in the Ocean State: according to just 3.76 percent of home loans in Rhode Island were issued for second homes, while investment property purchases accounted for 4.1 percent of all loans. In 2021, 5.25 percent of home loans in the state were issued for second homes, while in 2024 8.1 percent were issued for investment properties. Why Lawmakers Say The Bill Is Needed—And Why Real Estate Experts Are Skeptical While the bill's supporters say that the measure will help increase housing affordability in the state, which has dropped dramatically in the years following the pandemic, critics say the move would discourage high-end vacation homebuyers and potentially have a chilling effect on the local market. "Please, don't take from our housing market at the moment to balance the budget for other items, it's going to be detrimental," Chris Whitten, president of the Rhode Island Association of Realtors, said in comments shared with NBC 10 News. According to Hannah Jones, senior economist at the "Taylor Swift Tax" could have "a variety of impacts," on the Rhode Island market. "High net worth households may just pay the tax, while other longtime owners may consider short-term leasing of their property to get around the higher tax assessment," she said in a recent press release. "It is possible that some owners would sell, but others may exhaust other options before letting go of their high-dollar real estate." Watch Hill realtor Larry Burns told the Daily Mail that the so-called tax "is going to discourage people from buying second homes [in Rhode Island] because of the added expense" and harm tourism to the state. "There's people like Taylor Swift—people will look at her and think, 'Well, she has so much money she'll never even notice an increase like this.' But it's not like the residents here have inexhaustible resources," Burns said. "$100,000 here might be college education for the year for a kid, or two kids." The proposal would also hurt "older folks or multigenerational properties where the siblings have inherited the property," Burns said. "If you keep adding expenses people end up selling because they can't keep up with the cost." Another Proposal Affecting Rhode Island Homeowners Rhode Island lawmakers are also considering increasing the conveyance tax—a fee paid by sellers during home sales. The proposal would raise the rate from $2.30 to $3.75 per $500 of sale price, a 63 percent hike. Using Zillow's current median home price in Rhode Island of about $492,939, the typical conveyance tax payment would rise from $2,200 to approximately $3,700, according to WFLA calculations. Lawmakers supporting the bill said that the money raised by the two proposals would go into funding affordable housing projects in Rhode Island. But several industry insiders and experts have voiced their opposition: the Rhode Island Association of Realtors has argued against both proposals, saying that they will have a detrimental impact on the local market, chilling demand and further tightening inventory in the state. What Happens Next The "Taylor Swift Tax" was greenlit as part of the proposed $13.9 billion state budget by the Rhode Island House of Representatives on June 18 with a 66 to 9 vote, and is now with the Senate. A final vote on the budget is expected by this summer. If approved and signed into law by the state's governor, the new taxes could take effect as early as July 2026.
The Hill
5 days ago
- Business
- The Hill
‘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. 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.
USA Today
18-06-2025
- Entertainment
- USA Today
Human remains found near Taylor Swift's Rhode Island home have been identified
Human remains found near Taylor Swift's Rhode Island home have been identified Show Caption Hide Caption Taylor Swift's heartwarming visit to a children's hospital Singer Taylor Swift visited the Joe DiMaggio Children's Hospital and met with young patients battling illness. Authorities have identified the human remains found near Taylor Swift's Rhode Island home. After several outlets reported on the remains last month, the South Kingstown Police Department revealed in a June 13 statement that the remains belonged to 31-year-old Eric Wein of Massachusetts. "After working closely with the Mansfield Police Department and the Rhode Island Office of the State Medical Examiners, the South Kingstown Police Department has formally concluded its investigation," the statement read. "No foul play is suspected." "We extend our deepest condolences to Mr. Wein's family and loved ones during this difficult time," the statement concluded. Wein's remains washed ashore on May 14 in Westerly, Rhode Island, which includes the wealthy enclave of Watch Hill, where Swift owns her sprawling residence. Real estate pushback to 'Taylor Swift tax' begins. Will the charge hit everyday cottages? The home, called "Holiday House," inspired the fan favorite hit song, including "The Last Great American Dynasty" from her 2020 album "Folklore." The home even inspired beloved New York Times bestselling author Emily Henry's newest book, "Great Big Beautiful Life." Henry's book, released April 22, follows Alice and Hayden, two journalists vying for the chance to write a blockbuster celebrity memoir. The "Beach Read" author revealed in an interview earlier this year that she drew the story from several real-life tales, including Swift's 2020 song, which is about her Westerly mansion's previous owner, Rebekah Harkness. "I love that song, and love the story behind it," she told E! News in April. "Every once in a while, I find myself back on the Wikipedia page, just reading through. I just find those kinds of larger-than-life families really, really intriguing." "Holiday House" also inspired possible Rhode Island legislation that would enact a "Taylor Swift tax," officially called the "non-owner-occupied tax," which applies to all residential properties assessed at more than $1 million that do not serve as a primary dwelling. To qualify as a primary residence, an owner has to live there more than half the year, or 183 days. By this criteria, Swift would owe Rhode Island around $136,000 in new taxes on her Watch Hill mansion if a new charge to high-end vacation homes proposed in the House version of the state budget passes. Contributing: Patrick Anderson, Providence Journal; Melina Khan, USA TODAY NETWORK - New England
