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

SB 499 changes how property taxes are calculated for owner-occupied low- and moderate-income housing in Rhode Island. It requires tax assessors to use the property's most recent sales price as its assessed value, rather than the standard full cash value assessment. This directly affects homeowners in qualifying low- and moderate-income housing units who own their homes. The policy aims to provide tax relief by aligning assessments with actual market transactions for these properties.