State and local governments are adopting their own versions of the “Taylor Swift Tax” to gin up revenue, but not everyone likes the gold rush.

Rhode Island swung big this year when it instituted a severe tax hike on high-end real estate. The measure — cheekily nicknamed for the state’s pop star resident — hit second homes valued at more than $1 million. State and local governments across the country have set their sights on the homes of the wealthy, CNBC reported, earning backlash from real estate insiders and wealthy buyers.

Brokers argue that these surcharges hurt local economies. Dwindling municipal coffers and mounting public anger over housing costs are emboldening public officials to move ahead. 5

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Rhode Island’s “Taylor Swift Tax,” passed in June, is on the extreme end

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