Bill > S0044

This bill grants the town council of South Kingstown the authority to create a homestead exemption ordinance that would allow property owners to receive a tax reduction on residential or mixed-use properties. Specifically, the council can establish an annual homestead exemption of up to 10% of a property's assessed value, applicable to residential properties with fewer than five units or properties with a combination of residential and commercial uses. For mixed-use properties, the exemption would be prorated based on the percentage of square footage used for residential purposes. The town council must develop rules and regulations to determine eligibility for the exemption, and they may also create provisions for prorating the exemption if a property is sold or transferred during the tax year. The bill is set to take effect on December 31, 2025, giving the town council time to develop and implement the ordinance. A homestead exemption is a tax benefit that reduces the taxable value of a primary residence, potentially lowering the property owner's annual tax bill.

Budget and Finance, Housing and Urban Affairs

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