Bill > S2041

This bill authorizes the town council of Little Compton to establish a homestead exemption, which is a reduction in property taxes for homeowners. Specifically, it allows the town council, with approval from the financial town meeting, to set the amount of this exemption annually. In the first year, the exemption will be ten percent (10%) of the average assessed value of all taxable residential properties in Little Compton. In following years, the financial town meeting can adjust this percentage between five percent (5%) and fifteen percent (15%). The bill outlines who qualifies for the exemption: registered voters who own and live in their homes automatically qualify, while non-registered residents can apply by providing proof of residency. It also allows for exemptions on a second residential dwelling owned by a Little Compton resident and on certain long-term rental properties, provided the rent remains consistent. A "resident" is defined as someone whose primary home is in Little Compton and who lives there for more than six months a year. This act will become law immediately upon its passage.

Housing and Urban Affairs

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