Taylor Swift Tax and Taylor Swift’s Wedding Dominate Watch Hill, Says Top Realtor

Taylor Swift Tax and Taylor Swift’s Wedding Dominate Watch Hill, Says Top Realtor

Donna Simmons is the top realtor in the small and fabulously desired coastal enclave of Watch Hill.

She joined GoLocal LIVE and gave an update on the talk of the village in Westerly.

Watch Hill is home to hundreds of families who have a collective wealth of billions.

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Taylor Swift Tax - Economic Impact

Last year, the Rhode Island General Assembly passed the so-called Taylor Swift tax.

The tax applies to owners of residential properties under the following criteria:

- The property must have an assessed value of $1 million or more as of December 31 of the tax year
- The property must not serve as the owner's primary residence
- The owner must not occupy the property for a majority of days during the tax year.

The tax rate is $2.50 for each $500 of assessed value above $1 million. For example, a property assessed at $1.2 million would be hit with an additional annual tax of $1,000, while a property assessed at $2 million would face a $5,000 annual tax, and a $3 million property would be subject to $10,000 annually.

 

Now, the tax bills and the sticker shock are hitting.

“I spoke to a client very early in the week who has multiple properties because they had a large family, and people come up, and you know this particular tax bill added $200,000,” said Simmons with Mott & Chace Sotheby’s International.

“I would say that there is a bit of sticker shock, and you know it is concerning, I think, to the marketplace. If people stop coming or they sell their properties and you know there ends up being a bit of a fire sale, you know people will lose jobs, there won't be as many jobs, you know, services around some of these homes,” said Simmons.

She added, “And you know what it actually hurts are the people who live in this fabulous state and depend upon not only the tourism market but also the second home market to sustain their own livelihoods. And you know, I think we all should be concerned about that because we would hate for any sort of backlash to happen.”

 

Wedding Invite

The most-watched celebrity wedding in the world this year may take place in or around Swift’s Watch Hill estate.

Simmons joked, “My invitation must have been lost in the mail. I have not seen one.”

Simmons has lots of accolades for Swift as a neighbor.

“ I will say that Miss Swift has been a wonderful neighbor. She patronizes the local restaurants and including ones in Watch Hill and throughout Westerly. She's even patronized the furniture store that we have in downtown Westerly. And you know, she's someone who has her feet firmly planted — terra firma  — and has been nothing but just a wonderful neighbor to the community,” added Simmons.

Claims of the wedding taking place at The Ocean House, reported by many tabloids, may not be true, as well as the timeline most recently reported. 

 

Simmon New Listing

Simmons also added that if one is looking to move to the serenity of the area. She has a news waterfront listing worth exploring. Take a tour.