A CONTROVERSIAL “Taylor Swift tax” could cost homeowners in one state over $100,000 a year in extra fees.
The divisive fee has split residents with many calling it an unfair attack on occupants.
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If passed, the proposed charge would affect homeowners in Rhode Island including Taylor Swift and her $17 million Watch Hill mansion.
The 12,000-square-foot property boasts eight bedrooms and is situated on five acres right in front of the beach.
The home inspired the song The Last Great American Dynasty off of her 2020 album Folklore, while the singer also used to host her famous Fourth of July parties on the property.
Although a tiny dent in her over $1.5 billion dollar fortune, Taylor could be forced to pay a mega $140,000 a year if the tax is legislated.
Lawmakers say the fee will clamp down on wealthy absentee owners who leave their homes empty for large parts of the year, with extra funds used to help fund affordable housing.
Officially called the non-owner-occupied tax, the charge will target homes worth more than $1 million that aren’t being used as a primary residence, reports Realtor.com.
Supporters of the proposed tax argue that wealthy absentee owners are driving up property prices and squeezing out locals.
Extra funds gained from the tax, they argue, can be invested in affordable housing and may push homeowners to rent out their properties when they’re vacant.
But according to many homeowners the fee will just push those who can’t afford the extra costs to sell up.
If approved, the law will come into action in July next year.
The Watch Hill mansion is just one of the singer’s numerous, jaw-dropping homes she owns across the country.
Taylor owns a $47.7 million apartment in New York City’s Tribeca neighborhood, which essentially covers the entire block.
Her first real estate purchase in New York was made in 2014, as Taylor bought two adjacent penthouses in Tribeca for $19.95 million.
Then in 2017, the singer bought a three-story townhouse next door to her apartment for $18 million.
The 100-year-old townhouse boasts a spa, a gym, antique French wide-plank oak floors and a planted terrace that includes a Japanese paper glass wall.
The property has seven bedrooms and six bathrooms, while there is also a three-bedroom apartment next door that Taylor’s security team stays at.
The Fearless singer bought the second-floor in her original building, which spans 3,540 square feet, for nearly $10 million in 2018.
Since first moving to New York, she has invested over $1 million in renovations and temporarily stayed at a West Village apartment during the construction process.
Additionally, Taylor owns a spacious 3,240-square-foot penthouse in Tennessee on Nashville’s Music Row.
She bought the apartment when she was just 20 for $1.9 million.
The three-bedroom residence features high ceilings, as well as amenities including a heated Olympic-sized pool and a personal trainer.
Also in Nashville, Taylor owns an impressive Greek revival property that’s known as the Northumberland Estate.
The Fearless singer purchased the 600-square-foot main house, which was built in 1934, for $2.5 million in 2011.
The spacious mansion has four bedrooms and five bathrooms, as well as a 2,000-square-foot guest house that was added in 1964.
