AN ACT RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

SB 2571 amends Rhode Island's real estate tax laws to limit assessments for low- and moderate-income housing units to the last sales price within a five-year period. For properties that have not sold in that timeframe, the bill allows assessors to use a calculated maximum sales price determined by a monitoring agent instead of current market estimates. The legislation also includes specific tax exemptions for new construction on vacant homes and certain improvements in the cities of Warwick and Central Falls. Additionally, it ensures that renewable energy resources on a property do not trigger a reassessment of the underlying land value. These changes aim to provide stability in property tax calculations for affordable housing and specific residential development scenarios.