Rhode Island real estate professionals are voicing strong criticism of two new taxes included in the state’s proposed $14B fiscal year 2026 budget: a 63% increase in the conveyance tax for all home sellers and a new tax on million-dollar homes unoccupied for more than half the year, dubbed the “Taylor Swift tax.”
Travis McDermott, Partner at Partridge Snow & Hahn and board member of the Rhode Island Mortgage Bankers Association, shared concern that these measures will only worsen the state’s housing shortage, stating:
“These aren’t intended to increase the critical housing shortage and will likely exacerbate it.”
McDermott also explained the real impact for sellers:
“Whether the seller tries to negotiate that away by not making concessions, or starts at a higher asking price, either way would further restrict the liquid market for real property.”
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