Rhode Island H8193 allows municipalities to set a conveyance tax rate for residential properties sold for over $900,000, with collected taxes to be.

Rhode Island H8193 amends the real estate conveyance tax law to allow municipalities to set their own tax rates for residential properties sold for over $900,000. The tax rate is set at $10 per $500 of the sale price over $900,000. The collected taxes are to be placed in restricted accounts and must be allocated and spent within two years for the creation and development of affordable housing. The bill specifies that the funds should be used for affordable housing for individuals or families at or below 80% of the area median income. The bill takes effect upon passage.

Rhode Island H8193 allows municipalities to set a conveyance tax rate for residential properties sold for over $900,000, with collected taxes to be.

Rhode Island H8193 amends the real estate conveyance tax law to allow municipalities to set their own tax rates for residential properties sold for over $900,000. The tax rate is set at $10 per $500 of the sale price over $900,000. The collected taxes are to be placed in restricted accounts and must be allocated and spent within two years for the creation and development of affordable housing. The bill specifies that the funds should be used for affordable housing for individuals or families at or below 80% of the area median income. The bill takes effect upon passage.