Rich People Problems —​ Realtors Say 'Taylor Swift Tax' Will Cost Wealthy Some Cash: WJAR

Rhode Island Realtors are worried about a potential new tax on pricey properties that are not primary residences, Yahoo Finance and NBC 10 News reported.

Nicknamed the "Taylor Swift Tax," the bill would impose a non-owner occupied property tax on residential properties assessed in excess of $800,000.

Swift owns an $18 million mansion in Westerly, Realtor.com reported. Under the proposed legislation, properties valued at more than $2 million would be hit with a 0.6% tax, costing her more than another $1 million a year.

This does not sit well with the state's Realtors, Yahoo reported.

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Related: 'Taylor Swift Tax' May Pose Risk To Rhode Island Housing Market

"The Rhode Island Association of Realtors is raising concerns, arguing ... proposed tax changes would hit buyers and sellers hard, making the state’s fragile housing market even more unaffordable," the Yahoo piece said.

The president of the Rhode Island Association of Realtors, Chris Witten, made the case that the tax is not even aimed at the affluent, according to NBC 10.

"This Taylor Swift Tax is not a ‘tax the rich' tax even though it sounds like it,” Whitten said, according to NBC 10. “It's a yearly tax on someone that owns a home whose assessed value is over a million dollars.”