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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.

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.