AN ACT RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

HB 5030 authorizes the town council of South Kingstown to establish a homestead exemption for local property taxes. This exemption would apply to residential or mixed-use properties and could reduce their assessed value by up to ten percent. For mixed-use properties, the exemption would be prorated based on the percentage of residential square footage. The town council would be responsible for setting eligibility rules for the exemption, which takes effect on December 31, 2025.