Overview

• Lawmakers propose a $2.50 surcharge for every $500 of value above $1 million on non-primary residences left empty over half the year.
• The fee could add about $136,000 annually to Taylor Swift’s Watch Hill estate, purchased for $17.75 million in 2013.
• The plan also calls for a 63% hike in the conveyance tax to $3.75 per $500, raising closing costs from around $2,200 to $3,700 on average homes.
• Supporters estimate the combined measures could yield tens of millions for statewide affordable-housing programs.
• The Rhode Island Association of Realtors warns the taxes could worsen market affordability as the budget proposal faces legislative scrutiny.