Rhode Island's new 'Taylor Swift Tax' targets luxury second homes valued at over $1 million with steep surcharges based on assessed value. This tax reflects a broader regional backlash against vacant homes and the disparity between housing supply and affordability. Maine, with the highest rate of vacant homes in the U.S., experiences similar pressures. Though home listings are increasing post-COVID, affordability in key areas like York and Cumberland counties remains a significant concern as prices continue to exceed pre-pandemic levels.
Rhode Island's 'Taylor Swift Tax' imposes steep surcharges on luxury second homes valued over $1 million, potentially adding over $100,000 in new property taxes for owners like Swift.
In Maine, the rate of vacant homes stands at 21% of the housing stock, leading to concerns over absentee ownership amid a housing shortage and rising taxes.
Maine ranks No. 1 for second homes, with a 2019 study showing significant sales growth during the pandemic, particularly in coastal and lakefront areas.
Despite an increase in home listings in Maine, affordability remains a critical issue as home prices in key counties are still significantly higher than pre-pandemic rates.
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