Housing

HB 7047 authorizes the town council of Little Compton to establish a homestead exemption for residential properties, reducing local property tax burdens for qualifying residents. It directly affects homeowners in Little Compton who live in their homes year-round, automatically qualifying registered voters without applications, while non-voter residents must apply with proof of residency (e.g., driver’s license, utility bill). The exemption starts at 10% of the town’s mean property value and can be adjusted annually between 5% and 15% by the town council. The bill also allows exemptions for second homes and rental properties meeting specific occupancy and lease terms. This is a local tax policy change specific to Little Compton, not a statewide law.