2016 -- H 7127 SUBSTITUTE A

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2016

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A N   A C T

RELATING TO TAXATION -- HOMESTEAD EXEMPTION IN THE TOWN OF

NARRAGANSETT

     

     Introduced By: Representatives McEntee, and Tanzi

     Date Introduced: January 13, 2016

     Referred To: House Municipal Government

     It is enacted by the General Assembly as follows:

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     SECTION 1. Chapter 44-5 of the General Laws entitled "Levy and Assessment of Local

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Taxes" is hereby amended by adding thereto the following section:

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     44-5-85. Narragansett homestead exemption. -- The town council of the town of

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Narragansett is authorized to annually fix the amount, if any, of a homestead exemption with

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respect to assessed value from local taxation on taxable real property used for residential purposes

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or mixed purposes, defined as a combination of residential and commercial uses, in the town of

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Narragansett and to grant homestead exemptions to the owner or owners of residential real estate

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or combination residential and commercial real estate in an amount not to exceed ten percent

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(10%) of the assessed value. The exemption shall apply to property used exclusively for

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residential purposes, and improved with a dwelling containing less than five (5) units or real

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property used for a combination of residential and commercial uses. When real property is used

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for mixed purposes, the percentage of the assessed value shall be a prorated amount. The prorated

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amount shall be the percentage of square feet of the parcel used for residential purposes

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multiplied by the percentage of the homestead exemption. In order to determine compliance with

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the homestead exemption as outlined in this subsection, the town council shall provide, by

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resolution or ordinance, rules and regulations governing eligibility for the exemption established

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by this section.

 

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     SECTION 2. This act shall take effect on December 31, 2016.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TAXATION -- HOMESTEAD EXEMPTION IN THE TOWN OF

NARRAGANSETT

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     This act would grant the town council of the town of Narragansett the authority to adopt a

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homestead exemption ordinance.

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     This act would take effect on December 31, 2016.

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