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

This bill creates a property tax deferral program for senior citizens aged 62 and older, disabled citizens, and disabled veterans in Rhode Island. It allows eligible homeowners to postpone paying property taxes on their single-family dwellings until they sell the property, pass away, or transfer ownership, with the unpaid taxes becoming a lien on the property that accrues 6% annual interest. The program excludes homes with reverse mortgages or less than 20% equity, requires applicants to file claims in good faith, and allocates $2 million annually starting in 2027 to fund the deferred tax payments.