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Introduced By: | Representatives Voccola, Russo and Cambio |
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Date Introduced : | January 6, 2000 |
It is enacted by the General Assembly as follows:
SECTION 1. Chapter 44-5 of the General Laws entitled "Levy and Assessment of Local Taxes" is hereby amended by adding thereto the following section:
44-5-60.1. Homestead exemptions in the town of Johnston. -- The mayor of the town of Johnston upon approval of the town council is hereby authorized to annually fix the amount, if any, of homestead exemption with respect to assessed value from local taxation on taxable real property used for residential purposes in the town of Johnston and to grant homestead exemptions to the owner(s) of such residential real estate in an amount not to exceed twenty percent (20%) of the assessed value. Any such exemption shall only apply to class 3 residential property as defined in section 44-5-57 improved with a dwelling house whose owner is a resident of Johnston and who occupies such property as his/her principal residence. Any such dwelling house shall consist of no more than five (5) dwelling units. In order to determine compliance with the homestead exemption as outlined above, the town council shall provide by resolution or ordinance rules and regulations governing eligibility for the exemption established by this section.
In the event property granted an exemption under this section shall be sold or transferred during the year for which the exemption is claimed, the exemption shall be void for that portion of the year following the sale or transfer and the buyer or transferee shall be liable to the town of Johnston for any tax benefit received after such sale or transfer. Provided further that there shall be a homestead exemption for owner occupied residential and commercial mixed use (class 5) real estate in an amount not to exceed ten percent (10%) of the assessed value.
SECTION 2. This act shall take effect upon passage.