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Rhode Island’s new tax on second homes is nicknamed for its most famous part-time resident, music superstar Taylor Swift, but the levy will also squeeze owners of saltbox houses on the coast that are much less grand than the singer’s Holiday House mansion.
Under an annual property tax measure that takes effect Wednesday, the state will collect $5 for every $1,000 that a vacation home’s value is assessed over $1 million. Rhode Island lawmakers passed the measure last year, targeting out-of-towners in coastal enclaves like Newport and Little Compton to raise revenue for affordable housing construction. 

Tim Stenovec and guest host Norah Mulinda speak with Bloomberg News Boston Money and Power Reporter Greg Ryan on his reporting on the 'Taylor Swift Tax'.

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: <a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>. Rhode Island&rsquo;s new tax on second homes is nicknamed for its most famous part-time resident, music superstar&nbsp;Taylor Swift, but the levy will also squeeze owners of saltbox houses on the coast that are much less grand than the singer&rsquo;s Holiday House mansion. Under an annual property tax measure that takes effect Wednesday, the state will collect $5 for every $1,000 that a vacation home&rsquo;s value is assessed over $1 million. Rhode Island lawmakers passed the measure last year, targeting out-of-towners in coastal enclaves like Newport and Little Compton to raise revenue for affordable housing construction.&nbsp; Tim Stenovec and guest host Norah Mulinda speak with Bloomberg News Boston Money and Power Reporter Greg Ryan on his reporting on the 'Taylor Swift Tax'.

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Listen for reporting from the magazine that helps global leaders stay ahead. Hosts Carol Massar and Tim Stenovec cover the changing world of money, power and technology.&nbsp;You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET:&nbsp;<a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>.&nbsp;

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Bloomberg Businessweek

‘Taylor Swift Tax’ Stirs Bad Blood With Rhode Island Homeowners

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