Rhode Island has implemented a new tax, dubbed the "Taylor Swift Tax," targeting non-owner-occupied residential properties valued over $1 million that are vacant for at least 183 days annually. This law, effective July 1, 2026, could significantly increase property taxes for owners like Taylor Swift, whose Rhode Island mansion is assessed at over $28 million. If she does not reside in the property for more than half the year, her annual bill could rise by approximately $136,000. The revenue generated will support the state's Low-Income Housing Tax Credit Fund, funding affordable housing projects. Homeowners can avoid the tax by renting their property long-term or using it as a short-term rental that pays lodging taxes.