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RI H7299
Bill
Status
1/23/2026
Primary Sponsor
Brandon Voas
Click for details
AI Summary
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Authorizes municipalities to offer homestead exemptions of up to 20% of assessed value on residential properties used exclusively for residential purposes with fewer than 4 dwelling units
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Requires municipalities to establish eligibility rules and regulations by ordinance for the homestead exemption program
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Allows municipalities to prorate the exemption when property is sold or transferred during the tax year, with city or town council approval
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Exempts municipalities that already grant homestead exemptions at rates higher than 20% from the new cap, allowing them to maintain existing programs
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Takes effect immediately upon passage
Legislative Description
Permits every municipality in the state to offer a homestead tax exemption of up to 20% of assessed value on residential properties, and also provides that municipalities that grant greater exemptions not be limited by this section.
Taxation
Last Action
Committee recommended measure be held for further study
1/27/2026