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

HB 5965 would authorize Cranston's city council to create a homestead exemption program, allowing residential property owners to reduce their local property tax bill by up to 20% of their home's assessed value. This exemption would apply only to properties used exclusively for single-family residential purposes (with fewer than three dwelling units) and requires the city council to establish specific eligibility rules. The bill does not automatically implement the exemption but grants Cranston the legal authority to adopt such a program through local ordinance. It would take effect on December 31, 2025, if passed. This bill directly affects Cranston homeowners who own qualifying single-family residences.