Rhode Island H8194 amends the real estate conveyance tax to ensure tax proceeds are paid to the municipalities where the acquired real estate company.

Rhode Island H8194 amends the real estate conveyance tax to ensure that tax proceeds are paid to the municipalities where the acquired real estate company owns property. The bill specifies that if the acquired real estate company owns property in more than one municipality, the tax proceeds should be allocated among those municipalities based on the proportion of the assessed value of the real estate in each municipality. The bill also adjusts the tax threshold annually based on the Consumer Price Index for all Urban Consumers.

Rhode Island H8194 amends the real estate conveyance tax to ensure tax proceeds are paid to the municipalities where the acquired real estate company.

Rhode Island H8194 amends the real estate conveyance tax to ensure that tax proceeds are paid to the municipalities where the acquired real estate company owns property. The bill specifies that if the acquired real estate company owns property in more than one municipality, the tax proceeds should be allocated among those municipalities based on the proportion of the assessed value of the real estate in each municipality. The bill also adjusts the tax threshold annually based on the Consumer Price Index for all Urban Consumers.