RI S2422

Expands Jamestown's property tax exemption program for residents age 65 and older by adding a new income tier for taxpayers earning 220-240% of the federal poverty guideline, who would receive a 10% exemption

Maintains existing tiered exemption structure ranging from 20% to 60% based on income levels relative to federal poverty guidelines, with exemptions applied to the lesser of assessment cap or assessed valuation

Requires applicants to have been Jamestown residents for at least 5 years and to own and occupy the property as their primary residence

Excludes income-bearing properties, business properties, and residences used for professional practice from the exemption

Takes effect upon passage