How will ‘Taylor Swift tax’ impact R.I.’s luxury real estate market?

By
-
ADDITIONAL PAYMENT: The 11,579-square-foot home at 626 Bellevue Ave. in Newport, which sold for $30 million in 2021, is now assessed at $21.6 million. That will mean an additional $103,200 annual payment to the state under the “Taylor Swift tax” taking effect in July. 
COURTESY GUSTAVE WHITE SOTHEBY’S INTERNATIONAL REALTY
ADDITIONAL PAYMENT: The 11,579-square-foot home at 626 Bellevue Ave. in Newport, which sold for $30 million in 2021, is now assessed at $21.6 million. That will mean an additional $103,200 annual payment to the state under the “Taylor Swift tax” taking effect in July. 
COURTESY GUSTAVE WHITE SOTHEBY’S INTERNATIONAL REALTY

As the Ocean State’s so-called “Taylor Swift tax” is poised to go into effect this July, observers agree that for Rhode Island’s wealthiest homeowners, the levy doesn’t exactly break the bank. But beyond that, they’re split on whether the legislation, which is intended to ameliorate the state’s affordable housing crisis, will significantly impact Rhode Island’s

Already a Subscriber? Log in

To Continue Reading This Article

Become a Providence Business News subscriber and get immediate access to all of our premier content and much more.

Learn More and Become a Subscriber
  • Critical RI business news and analysis updated daily.
  • 1 year of print (26 issues).
  • Unlimited access to all subscriber only content on our website, on any device.
  • Free email alerts.
  • Annual Book of Lists Print Edition.
  • All special issues produced during subscription term.

Click Here to purchase a paywall bypass link for this article

PBN Branded Content

Seifert Systems Invests in Energy Efficiency to Strengthen Operations

For manufacturers, energy is more than just another operating expense. It plays a critical role…

Learn More

RELATED ARTICLESMORE FROM AUTHOR

No posts to display