Rhode Island H7299 allows municipalities to offer a homestead tax exemption of up to 20% on residential properties.

Rhode Island H7299 permits every municipality to offer a homestead tax exemption of up to 20% of assessed value on residential properties. This applies to properties used exclusively for residential purposes and improved with a dwelling containing less than four units. The bill also ensures that municipalities that grant greater exemptions are not limited by this section. If a property granted an exemption is sold or transferred during the year, the municipality may prorate the exemption. This act takes effect upon passage.

Rhode Island H7299 allows municipalities to offer a homestead tax exemption of up to 20% on residential properties.

Rhode Island H7299 permits every municipality to offer a homestead tax exemption of up to 20% of assessed value on residential properties. This applies to properties used exclusively for residential purposes and improved with a dwelling containing less than four units. The bill also ensures that municipalities that grant greater exemptions are not limited by this section. If a property granted an exemption is sold or transferred during the year, the municipality may prorate the exemption. This act takes effect upon passage.