Establishes a property tax deferral program for senior citizens, disabled persons, and disabled veterans in Rhode Island.

This bill creates a property tax deferral program for senior citizens, disabled persons, and disabled veterans in Rhode Island. Qualified individuals can defer property tax payments on their primary residences until the property is sold or transferred. The deferred taxes accrue interest at a rate of six percent annually and become a lien on the property. The program excludes homes with less than twenty percent equity. The General Treasurer's office will manage the deferral requirements and procedures.

Establishes a property tax deferral program for senior citizens, disabled persons, and disabled veterans in Rhode Island.

This bill creates a property tax deferral program for senior citizens, disabled persons, and disabled veterans in Rhode Island. Qualified individuals can defer property tax payments on their primary residences until the property is sold or transferred. The deferred taxes accrue interest at a rate of six percent annually and become a lien on the property. The program excludes homes with less than twenty percent equity. The General Treasurer's office will manage the deferral requirements and procedures.