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Rhode Island property tax targets Taylor Swift–but hits less wealthy residents too
By Justin Katz / March 25, 2015 / 2 Comments
Shutterstock image.
NEW PROPERTY TAXES?!: A new property tax proposed by RI Gov. Gina Raimondo (D) will affect people who own second homes above a certain income level. This will affect Taylor Swift–and Rhode Island residents as well.
By Justin Katz | Watchdog Arena
The headline for a new statewide property tax proposed by Rhode Island’s Democratic Gov. Gina Raimondo is that pop star Taylor Swift will be among the hardest hit.
A few years ago, Swift purchased a $17 million mansion on the Ocean State’s coast, which means the governor is looking to cull around $43,000 from the starlet’s fortune.
In its first year, the tax is projected to collect $11.8 million from the accounts of the 2,359 households who own second properties worth over $1 million. As Raimondo put it during her recent budget address, the tax “asks those among us who are most able, to pay a little more.” As if to emphasize the point, the tax is not technically imposed as a tax on property, but on the privilege of owning it, which makes the tax even more radical than it appears on its face.
To begin with, the premise may or may not be accurate. An early controversy for the tax has centered around whether it would apply to small apartment buildings whose owners live elsewhere. The governor has stated that such was not her intent, and it is likely that a final version of the legislation, if it passes, will be clearer.
Whether or not the “Taylor Swift Tax” turns out to include a “Mr. Roper Tax,” it will certainly snag some families who’ve inherited summer homes that they are already struggling to maintain. Ownership of expensive property isn’t necessarily an indication of high income or large cash reserves. The “privilege” of owning it could have come with generations of saving, mixed with the increasing value of coastal real estate, rather than from hit songs about teenage infatuation.
Rhode Island property tax targets Taylor Swift-but hits less wealthy residents too - Watchdog.org
"GTP"
"OBAMA SUCKS"
By Justin Katz / March 25, 2015 / 2 Comments
Shutterstock image.
NEW PROPERTY TAXES?!: A new property tax proposed by RI Gov. Gina Raimondo (D) will affect people who own second homes above a certain income level. This will affect Taylor Swift–and Rhode Island residents as well.
By Justin Katz | Watchdog Arena
The headline for a new statewide property tax proposed by Rhode Island’s Democratic Gov. Gina Raimondo is that pop star Taylor Swift will be among the hardest hit.
A few years ago, Swift purchased a $17 million mansion on the Ocean State’s coast, which means the governor is looking to cull around $43,000 from the starlet’s fortune.
In its first year, the tax is projected to collect $11.8 million from the accounts of the 2,359 households who own second properties worth over $1 million. As Raimondo put it during her recent budget address, the tax “asks those among us who are most able, to pay a little more.” As if to emphasize the point, the tax is not technically imposed as a tax on property, but on the privilege of owning it, which makes the tax even more radical than it appears on its face.
To begin with, the premise may or may not be accurate. An early controversy for the tax has centered around whether it would apply to small apartment buildings whose owners live elsewhere. The governor has stated that such was not her intent, and it is likely that a final version of the legislation, if it passes, will be clearer.
Whether or not the “Taylor Swift Tax” turns out to include a “Mr. Roper Tax,” it will certainly snag some families who’ve inherited summer homes that they are already struggling to maintain. Ownership of expensive property isn’t necessarily an indication of high income or large cash reserves. The “privilege” of owning it could have come with generations of saving, mixed with the increasing value of coastal real estate, rather than from hit songs about teenage infatuation.
Rhode Island property tax targets Taylor Swift-but hits less wealthy residents too - Watchdog.org
"GTP"
"OBAMA SUCKS"
