Bill > S0499

This bill modifies Rhode Island's property tax assessment law by adding a new provision specifically for low- and moderate-income housing (as defined in § 45-53-3) that are owner-occupied. Under the proposed change, when assessing the value of such properties for tax purposes, assessors would be required to use the most recent sales price of the property as its assessed value. This means that instead of using complex valuation methods, the property's tax assessment would be directly tied to its most recent purchase price. The bill aims to provide a simple, transparent method for determining property values for this specific category of housing, potentially making property taxes more predictable for low- and moderate-income homeowners. The change would take effect immediately upon the bill's passage, and it represents a targeted approach to property tax assessment for a specific type of residential property.

Housing and Urban Affairs

https://status.rilegislature.gov/