Rhode Island S2697 allows municipalities to set their own conveyance tax rates for residential properties sold for over $900,000, with collected.

Rhode Island S2697 amends the state's 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 can be up to $10 per $500 of the sale price. The collected taxes are to be placed in restricted accounts and must be allocated for the creation and development of affordable housing within two years. The bill also includes provisions for adjusting the tax threshold based on the Consumer Price Index.

Rhode Island S2697 allows municipalities to set their own conveyance tax rates for residential properties sold for over $900,000, with collected.

Rhode Island S2697 amends the state's 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 can be up to $10 per $500 of the sale price. The collected taxes are to be placed in restricted accounts and must be allocated for the creation and development of affordable housing within two years. The bill also includes provisions for adjusting the tax threshold based on the Consumer Price Index.