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Taylor Swift has received multiple honors during her career, but she now has a new tribute that few celebrities ever receive – a property tax carrying her name.

According to combined media reports, the Rhode Island legislature is currently considering the Non-Owner Occupied Property Tax Act, which would impose a new tax on the state’s secondary residences that are valued at more than $1 million. The proposed tax would enact a fee of $2.50 for every $500 in the home’s value beyond the first million. Property owners would only be able to avoid the tax if they resided at the property for at least half of the year or rented it out.

Admittedly, the Non-Owner Occupied Property Tax Act is not a catchy name, so the proposed legislation has unofficially been referred to as the “Taylor Swift tax” because the pop icon owns a 12,000-square-foot mansion in the state that she acquired for $17 million in 2013. Zillow lists the property’s value at $28 million, which means Swift could face taxes of $135,000 per year if the legislation is passed into law.

Chris Whitten, president of the Rhode Island Association of Realtors, warned the new tax will do more harm than good.

“An additional housing tax, paid annually, will certainly turn away those that want to buy and invest in Rhode Island. Out-of-state homeowners pay Rhode Island property taxes but use far fewer of our resources such as schools. They also bring in much needed tourism revenue,” he said. “These are economic benefits we don’t want to lose.”

However, Democratic State Sen. Meghan Kallman argued the homeowners in question could easily shoulder the new tax burden.

“More than half of Rhode Island homes worth more than $1 million from 2019 to 2024 were bought by buyers from out of state,” Kallman said. “These homes are purchased by high-net-worth individuals who can afford multiple properties but do not contribute as directly to the local economy as full-time residents.”

As for Swift, she has not made any public comment on the tax being named after her – and, for that matter, Swift has not been seen in Rhode Island since last August when she hosted a celebrity-filled party at her property.

Photo courtesy of AMC Theatres