H7047

Rhode Island H7047 authorizes the Little Compton town council to establish a homestead exemption for residential dwellings.

Rhode Island H7047 authorizes the town council of Little Compton to establish a homestead exemption for residential dwellings. The exemption applies to residents who own their homes and are registered to vote in Little Compton, who qualify automatically. Non-registered voters can apply for the exemption, which starts at 10% of the mean assessed value of all taxable real properties in the town and can be adjusted annually between 5% and 15%. Rental properties leased to full-time residents for at least a year can also qualify if rental payments remain stable.