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

HB 6362 grants the town of Little Compton a one-year exemption from the standard 4% annual property tax levy cap for fiscal year 2026, allowing a maximum 12% increase instead. This directly affects Little Compton's local government and residents, as it permits higher property tax collections for that specific year. The bill amends existing tax law to temporarily override the usual 4% growth limit with a higher 12% cap, subject to approval by the town's financial meeting. It does not change the standard levy cap for other municipalities.