Taylor Swift Could Soon Be Writing a Bigger Check As Rhode Island's New Luxury Home Tax Officially Kicks In

Rhode Island’s new Non-Owner Occupied Property Tax took effect Wednesday, imposing a levy on residential properties assessed above $1 million that are not used as a primary residence. The tax, enacted under Rhode Island’s Fiscal Year 2026 budget, applies to homes that are not occupied by the owner or a tenant for at least 183 days per year. Property owners will pay $2.50 for every $500 of assessed value above the first $1 million, in addition to existing local property taxes. Revenue from the tax will be directed to Rhode Island’s Low-Income Housing Tax Credit Fund to support affordable housing development statewide. According to Rhode Island Division of Taxation spokesperson Paul Grimaldi, the state identified 22,431 residential properties with assessed values above $1 million as of May. Of those, 8,245 properties were classified as non-owner-occupied and could be subject to the new...