Taylor Swift soon may be required to pay a hefty amount of taxes on her New England home, which is undergoing renovations, if a proposed tax act in Rhode Island goes through.

Taylor Swift's Rhode Island home is reportedly worth about $28.1 million. If the proposal passes, she would be required to pay about $135,500 in taxes annually.

If passed, it would tax non-owner occupied homes, or secondary residences, valued at more than $1 million. Swift purchased her Rhode Island mansion for about $17 million in 2013.

If passed, Rhode Island's so-called "Taylor Swift Tax" would establish a new tax rate for non-primary residences valued at more than $1 million.

(CNN) - Rhode Island is considering a so-called “Taylor Swift tax” on luxury homeowners. The proposal is officially called the Non-Owner Occupied Property Tax Act. If passed, it would tax non-owner ...

Taylor Swift's Rhode Island home is reportedly worth about $28.1 million. If the proposal passes, she would be required to pay about $135,500 in taxes annually.

If passed, it would tax non-owner occupied homes, or secondary residences, valued at more than $1 million. Swift purchased her Rhode Island mansion for about $17 million in 2013.

If passed, it would tax non-owner occupied homes, or secondary residences, valued at more than $1 million. Swift purchased her Rhode Island mansion for about $17 million in 2013.