This bill authorizes several Rhode Island municipalities to offer property tax credits or exemptions for residents aged 65 and older. It allows local town councils to establish specific rules and dollar limits for these benefits, which can range from a flat reduction to a percentage of the property's value. The changes apply to real estate owned and occupied by eligible seniors and are designed to be applied uniformly without considering the applicant's ability to pay. By amending state tax laws, the legislation gives local governments the flexibility to create their own programs while ensuring all qualifying residents receive the same treatment.
SB 3293 modifies how veterans and their unmarried widows or widowers receive property tax relief in the city of Cranston, Rhode Island. Specifically, it changes the existing tax exemption for qualifying veterans in Cranston to a tax credit, limiting the annual benefit to a maximum of $182.90 that is adjusted every three years based on property revaluation and the consumer price index. This bill directly affects current and former military service members and their spouses residing in Cranston who would otherwise be eligible for a standard property tax exemption.
SB 3262 updates the state law for Glocester, Rhode Island, to allow the town council to offer property tax credits to elderly and disabled residents. The bill authorizes a base credit of up to $2,070 for owners aged 65 or older or those under 65 who are permanently disabled, with higher additional credits for those over 80. These financial benefits are adjusted annually using a specific non-compounding method based on the consumer price index and apply regardless of the owner's income level. The legislation also clarifies that only one exemption is granted per property, even if multiple owners are eligible, and ensures these credits work alongside other existing tax exemptions.
This bill amends state law to allow the town of Glocester to offer expanded property tax credits and exemptions for elderly and disabled homeowners. It authorizes the town council to create a base exemption of up to $2,070 for owners aged 65 or older or those with permanent disabilities, with annual adjustments based on the consumer price index. The legislation also permits additional credits for residents over 80, variable income limits for certain applicants, and a minimum annual tax payment requirement. These changes would apply uniformly to qualified owner-occupants and would be administered through town ordinances following specific eligibility verification processes.
Authorizes municipalities to transfer, apply or provide doe an applicable prorate veteran’s property exemption for the remainder of the tax year when a veteran sells property and purchases another property.
Increases historic tax credit to 30%, and up to 35%, depending on the amount of rental area available for multi-family housing, affordable rental units and units sold as affordable housing.
Exempts from taxation the real and tangible personal property of Amos House, provided it remains a qualified tax-exempt corporation pursuant to § 501(c)(3) of the United States Internal Revenue Code.
This bill proposes to increase the minimum veterans' property tax exemption from $1,000 to $6,000 for municipal taxes. It directly affects veterans who own taxable property, allowing them to deduct a larger portion of their property value from their tax bill. The change would apply to local property taxes rather than state taxes, reducing the amount of tax owed by eligible veterans. The measure is currently under review by the Senate Housing and Municipal Government committee and has been held for further study.
Provides an eight percent (8%) tax rate for those properties that are encumbered by a deed restriction for low-income housing set at eight percent (80%) or sixty percent (60%) of adjusted median income established by HUD.
This bill creates a property tax deferral program for senior citizens aged 62 and older, disabled citizens, and disabled veterans in Rhode Island. It allows eligible homeowners to postpone paying property taxes on their single-family dwellings until they sell the property, pass away, or transfer ownership, with the unpaid taxes becoming a lien on the property that accrues 6% annual interest. The program excludes homes with reverse mortgages or less than 20% equity, requires applicants to file claims in good faith, and allocates $2 million annually starting in 2027 to fund the deferred tax payments.
