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Barstool Sports founder Dave Portnoy has publicly criticized Rhode Island’s proposed “Taylor Swift Tax”—a steep “non-owner-occupied” property surcharge targeting homes worth over $1 million.
On Fox Business’ “Varney & Co.,” Portnoy slammed the plan as “government overreach,” arguing it unfairly targets success and threatens investment in second homes.
His comments underscore the ongoing debate over taxing wealthy homeowners to address affordability.
The ‘Taylor Swift Tax’ and how it applies to luxury-home owners
Rhode Island’s proposal would levy a hefty surcharge—$2.50 per $500 of assessed value—for homes over $1 million that aren’t primary residences, potentially costing owners like Taylor Swift as much as $136,000 extra annually.
To avoid the tax, owners can either spend at least 183 days a year living there or rent the place out for most of the year.
If lawmakers approve the tax, homeowners would have until July 2026 to decide whether to pay the tax, stay in their property longer, or open their doors to tenants.
Officially called the “non-owner-occupied property tax,” it got its nickname due to Swift’s ownership of a mansion known locally as Holiday House in the Watch Hill area of Westerly.
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In 2013, the pop icon scooped up the 5.25-acre property for $17.75 million. The 11,000-square-foot mansion has seven bedrooms and nine bathrooms. It boasts 700 feet of private beachfront and sits on the highest point in Watch Hill.
Swift also owns two luxury condos in Nashville‘s vibrant Music Row neighborhood; a historic Beverly Hills, CA, mansion; and three units in New York City’s ritzy Tribeca neighborhood, which she combined into one, with an adjacent townhome that she transformed into her private penthouse entrance.
She purchased a mansion in the gated Northumberland Estate neighborhood of Nashville for her parents, as well.
Why Portnoy fears the tax—and what similar proposals are doing in Massachusetts
Portnoy’s criticism of the proposed tax stems from his own real estate interests in nearby Massachusetts, where he purchased two adjacent homes in Nantucket in 2023 for $42 million.
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Portnoy also has a broader concern that the tax will depress luxury home values and deter buyers, arguing that the measure punishes property owners rather than addressing systemic housing issues.
However, supporters argue that affluent absentee homeowners such as Swift and Portnoy contribute to rising property values, displacing local residents and leaving neighborhoods vacant for much of the year. They believe a luxury tax could generate revenue for affordable housing and encourage owners to either rent out their homes or occupy them full time.
Although there are currently no similar proposals to the Taylor Swift Tax on the books in Massachusetts, Portnoy says he doesn’t want the state getting any ideas.
According to the Commonwealth Beacon, 110,000 units sit vacant in Massachusetts at any given time because of part-time or seasonal use.
Last year, Gov. Maura Healey created a Seasonal Communities Advisory Council tasked with providing advice and recommendations regarding policies and programs to serve seasonal communities.
The town of Nantucket is launching a pilot program this year offering year-round deed restrictions on private homes. The town will pay the owner a percentage of a home’s value in exchange for a permanent deed restriction that makes the house year-round-only to help support full-time residency on the island.
Meanwhile, in Rhode Island, the Taylor Swift Tax is set to spark debate and may see changes before a final vote this summer—putting the Ocean State in the national spotlight as events play out.