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

SB 44 grants the town council of South Kingstown the authority to create a homestead exemption ordinance. This ordinance would allow the council to reduce the assessed value of certain residential or mixed-use properties for local taxation by up to 10%. The exemption applies to properties used exclusively for residential purposes (with less than five units) or for a combination of residential and commercial uses, with a prorated amount for mixed-use properties. The town council would establish rules and regulations to determine eligibility for this exemption. This act is set to take effect on December 31, 2025.