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.
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