Rhode Island S2259 allows municipalities to offer a homestead tax exemption of up to 20% of assessed value on residential properties.

Rhode Island S2259 permits every municipality in the state to offer a homestead tax exemption of up to 20% of assessed value on residential properties. This exemption applies to properties used exclusively for residential purposes and improved with a dwelling containing less than four units. Municipalities that previously granted greater exemptions are exempt from the 20% limit. The act also allows for proration of the exemption if property is sold or transferred during the year. This act takes effect upon passage.

Rhode Island S2259 allows municipalities to offer a homestead tax exemption of up to 20% of assessed value on residential properties.

Rhode Island S2259 permits every municipality in the state to offer a homestead tax exemption of up to 20% of assessed value on residential properties. This exemption applies to properties used exclusively for residential purposes and improved with a dwelling containing less than four units. Municipalities that previously granted greater exemptions are exempt from the 20% limit. The act also allows for proration of the exemption if property is sold or transferred during the year. This act takes effect upon passage.