Increases the income range up to fifty thousand dollars ($50,000) and tax credit up to eight hundred fifty dollars ($850), for elderly and disabled persons who own or rent their homes.
SB 2039 exempts AS220's real and tangible personal property located in Providence from property taxes. This bill amends Rhode Island's property tax code to add AS220 to the list of entities qualifying for tax exemptions. The exemption directly affects AS220's properties in Providence, removing their tax liability under the state's existing exemption framework.
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.
Allows a municipality to set its own conveyance tax rate for residential properties sold in excess of $900,000.00 at $10 per $500. Provides collected taxes to be in a restricted account and distributed within 2 years for affordable housing.
Permits every municipality in the state to offer a homestead tax exemption of up to 20% of assessed value on residential properties, and also provides that municipalities that grant greater exemptions not be limited by this section.
HB 7151 allows the town of Jamestown to create a new property tax exemption program for seniors aged 65+ who own and occupy their primary residence. The bill establishes income-based exemption tiers (ranging from 10% to 60% of property value) based on household income relative to federal poverty guidelines, with strict residency requirements (5 years in Jamestown). It explicitly excludes income-producing properties (like home offices or rental units) and requires applicants to provide income documentation. This bill directly affects eligible Jamestown seniors meeting the income, residency, and property-use criteria.
Permits every municipality in the state to offer a homestead tax exemption of up to 20% of assessed value on residential properties, and also provides that municipalities that grant greater exemptions not be limited by this section.
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.
