Overview

• Rhode Island officials included the surcharge on June 23 in their proposed state budget
• The levy would impose an annual fee of $2.50 for every $500 of value above $1 million on nonprimary residences vacant for more than half the year
• The measure is expected to generate tens of millions for housing programs and could cost Taylor Swift’s Watch Hill estate about $136,000 annually
• The proposal also increases the conveyance tax for sellers from $2.30 to $3.75 per $500 of sale price, a 63 percent rise
• The Rhode Island Association of Realtors warns the changes could make the market more unaffordable by boosting costs for both buyers and sellers