Rhode Island S2232 allows municipalities to set a conveyance tax rate for residential properties sold over $900,000.

Rhode Island S2232 amends the real estate conveyance tax to allow municipalities to set a tax rate of up to $10 per $500 for residential properties sold over $900,000. The collected taxes must be deposited into a restricted account and distributed within two years for affordable housing purposes. The bill specifies that the tax applies to properties sold above the $900,000 threshold and mandates that the funds be used for affordable housing for individuals or families at or below 80% of the area median income.

Rhode Island S2232 allows municipalities to set a conveyance tax rate for residential properties sold over $900,000.

Rhode Island S2232 amends the real estate conveyance tax to allow municipalities to set a tax rate of up to $10 per $500 for residential properties sold over $900,000. The collected taxes must be deposited into a restricted account and distributed within two years for affordable housing purposes. The bill specifies that the tax applies to properties sold above the $900,000 threshold and mandates that the funds be used for affordable housing for individuals or families at or below 80% of the area median income.