Budget & Taxes

HB 7045 authorizes the town of Bristol to apply its owner-occupied residential tax rate to mixed-use properties where the residential portion is owner-occupied, rather than the higher commercial rate. This directly affects Bristol property owners with properties combining residential and commercial use (like a home with a small storefront), potentially lowering their tax burden. The bill amends tax classification rules to allow Bristol to treat these properties as residential for tax purposes under specific conditions. It does not change tax rates for other towns or property types.

HB 7047 authorizes the town council of Little Compton to establish a homestead exemption for residential properties, reducing local property tax burdens for qualifying residents. It directly affects homeowners in Little Compton who live in their homes year-round, automatically qualifying registered voters without applications, while non-voter residents must apply with proof of residency (e.g., driver’s license, utility bill). The exemption starts at 10% of the town’s mean property value and can be adjusted annually between 5% and 15% by the town council. The bill also allows exemptions for second homes and rental properties meeting specific occupancy and lease terms. This is a local tax policy change specific to Little Compton, not a statewide law.

HB 7005 authorizes the town of Barrington to create a tax credit reduction of $16,000 for legally blind residents through local ordinance. This policy directly affects legally blind individuals who reside in Barrington and own real property, providing them with a reduction in their property tax bill. The bill requires Barrington to establish this credit via town ordinance, specifying it applies to real property and is separate from other existing exemptions. It does not change the current exemption amounts for other towns but grants Barrington the specific authority to implement this tax credit.