Rhode Island S2450 amends the real estate conveyance tax to allocate tax proceeds among municipalities based on property assessed values.

Rhode Island S2450 amends the real estate conveyance tax to allocate tax proceeds among municipalities based on the assessed value of the property located in each municipality. The tax applies to conveyances of real property exceeding $800,000, imposing a rate of $3.75 for each $500 of the consideration. For properties located in multiple municipalities, the tax is distributed proportionally based on the assessed value in each municipality.

Rhode Island S2450 amends the real estate conveyance tax to allocate tax proceeds among municipalities based on property assessed values.

Rhode Island S2450 amends the real estate conveyance tax to allocate tax proceeds among municipalities based on the assessed value of the property located in each municipality. The tax applies to conveyances of real property exceeding $800,000, imposing a rate of $3.75 for each $500 of the consideration. For properties located in multiple municipalities, the tax is distributed proportionally based on the assessed value in each municipality.