Rise of 'The Taylor Swift Tax': Here's what to know
CNBC · Current
CNBC
Current
Local governments have been tapping into a new source of revenue - raising taxes on the vacation homes of the wealthy. CNBC's Robert Frank joins 'Squawk Box' with the details.
Breakdown
- Rhode Island has introduced a new property tax on non-primary residences valued at $1 million or more. 22s
- The 'Taylor Swift tax' would significantly increase annual property taxes for high-value vacation homes. 35s
- Montana is implementing a tax that raises property taxes for vacation homes by 68 percent, while lowering them for full-time residents. 1m 3s
- Revenue from these taxes is often directed toward property tax relief or housing affordability programs. 1m 54s
- Some areas are also increasing taxes on short-term rental properties to address housing market pressures. 2m 45s