Real Estate
‘Taylor Swift tax’ hikes spark backlash
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.
"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.
