Bill > S2259

This bill allows every city and town in the state to offer a "homestead tax exemption" of up to 20% of a home's assessed value on residential properties, meaning the taxable value of a home could be reduced by up to 20% for local property tax purposes. This exemption would apply to owner-occupied homes with fewer than four units and municipalities would need to establish their own rules for who qualifies. Importantly, any municipality that already provides a homestead exemption at a higher rate than 20% would not be limited by this new law, and this act would become effective immediately upon being passed.

Housing and Urban Affairs

https://status.rilegislature.gov/