2024 -- S 2369 | |
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LC004253 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2024 | |
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A N A C T | |
RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES | |
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Introduced By: Senators Pearson, Gallo, DiPalma, Euer, Cano, Kallman, McKenney, | |
Date Introduced: February 12, 2024 | |
Referred To: Senate Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Chapter 44-5 of the General Laws entitled "Levy and Assessment of Local |
2 | Taxes" is hereby amended by adding thereto the following section: |
3 | 44-5-89. Homestead exemption. |
4 | (a) Notwithstanding any other provision in this chapter to the contrary, any municipality, |
5 | by ordinance, duly enacted, is authorized to annually fix the amount, if any, of a homestead |
6 | exemption with respect to assessed value from local taxation on taxable real property used for |
7 | residential purposes and to grant homestead exemptions to the owner or owners of residential real |
8 | estate in an amount not to exceed twenty percent (20%) of the assessed value. The exemption only |
9 | applies to property used exclusively for residential purposes, and improved with a dwelling |
10 | containing less than four (4) units. In order to determine compliance with the homestead exemption |
11 | as outlined in this section, the municipality shall provide, by ordinance, rules and regulations |
12 | governing eligibility for the exemption established by this section. |
13 | (b) In the event property granted an exemption under this section is sold or transferred |
14 | during the year for which the exemption is claimed, the municipality, upon approval of its city or |
15 | town council, may provide for a proration of the homestead exemption in cases where title to |
16 | property passes from those not entitled to claim an exemption to those who are entitled to claim an |
17 | exemption. |
18 | (c) Notwithstanding subsection (a) of this section, any municipality that, prior to the |
19 | enactment of this section, has granted its residents a homestead exemption at a different or higher |
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1 | rate, shall be exempt from the limitations imposed in that subsection. |
2 | SECTION 2. This act shall take effect upon passage. |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES | |
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1 | This act would permit every municipality in the state to offer a homestead tax exemption |
2 | of up to twenty percent (20%) of assessed value on residential properties, and would also provide |
3 | that municipalities that grant greater exemptions would not be limited by this section. |
4 | This act would take effect upon passage. |
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