Housing

SB 2041 authorizes the town council of Little Compton to establish a homestead exemption that reduces property taxes for residential homeowners. The exemption starts at 10% of the town's average property value in the first year and can be adjusted annually between 5% and 15% by town meeting vote. Registered voters who live in and own their homes automatically qualify, while non-voter residents must apply with ID and utility proof. Rental properties with fixed-year leases may also qualify under specific conditions. This bill directly affects Little Compton homeowners and renters meeting residency requirements.

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.