RI H8025

Amends Rhode Island's property tax exemption law to modify how Tiverton provides tax relief to residents aged 65 and older who own and occupy real property in the town

Replaces the previous exemption structure (up to $10,000 of valuation) with a tax credit issued against the annual tax bill, with the credit amount to be determined through an application submitted to the tax assessor

Requires the Tiverton Town Council to authorize the tax credit program by ordinance

Limits the exemption to one per property for cotenants, joint tenants, and tenants by the entirety, and extends eligibility to life tenants responsible for property tax payments

Takes effect upon passage