Bill > H7567

This bill establishes a statewide property tax deferral program for eligible senior citizens, disabled citizens, and disabled veterans, allowing them to postpone paying property taxes on their single-family homes, including manufactured homes, until the property is sold or the owner passes away. A "senior citizen" is defined as a resident aged 62 or older, a "disabled citizen" is someone deemed totally disabled by the Social Security Administration, and a "disabled veteran" is a veteran similarly deemed totally disabled by the U.S. Veterans Administration. However, homes with reverse mortgages or less than 20% equity are not eligible for this deferral, and any deferred taxes will accrue 6% annual interest and become a lien on the property, which the city or town must record. The State of Rhode Island's general treasurer's office will set the specific requirements for municipalities to participate, and for the fiscal year 2027 and beyond, the state will appropriate $2 million annually to fund these deferrals, administered by the general treasurer's office. This program does not apply to property taxes paid through escrow accounts, and intentionally filing a false claim could result in penalties.

Housing and Urban Affairs

https://status.rilegislature.gov/