Bill > H5752

This bill establishes a new property tax specifically targeting non-owner occupied residential properties in Rhode Island, with different tax rates based on property value. Properties assessed between one million and two million dollars will be taxed at a rate of $5 per $1,000 of assessed value, while properties valued at two million dollars or more will be taxed at $6 per $1,000 of assessed value. The legislation defines "non-owner occupied" as residential property not occupied by the owner for the majority of the tax year, including seasonal or vacation properties. The bill aims to address several policy concerns, such as protecting municipal tax bases, discouraging property speculation, and ensuring that property owners contribute fairly to local services like police and fire protection. The tax will be payable in four equal installments throughout the year, with penalties for late payment and provisions for appeals. The tax administrator will have the authority to implement and enforce the tax, including conducting audits, processing refunds, and establishing regulations. Importantly, the new tax will take effect on July 1, 2025, and will be imposed in addition to existing property taxes, with potential exemptions subject to review by the tax administrator.

Budget and Finance

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