📊 306 views
🗝️ Key Points
- States are looking to offset budget cuts expected from the new tax and spending bill in Washington.
- The popstar bought a beach house in the state’s elite Watch Hill community in 2013.The measure imposes a new surcharge on second homes valued at more than $1 million.
- For non-primary residences, or those not occupied for more than 182 days a year, the state will charge $2.50 for every $500 in assessed value above the first $1 million.
A new push by states to tax the real estate of the wealthy has sparked a backlash among brokers and potential buyers, who say the taxes punish the most important local spenders.
From tax hikes on pricey second homes in Rhode Island and Montana to Cape Cod’s proposed transfer tax on homes over $2 million and the L.A. mansion tax, state and local governments see a revenue gold mine in the pricey properties of the wealthy…