This bill amends Section 44-3-13 of the General Laws to allow the town of Bristol to exempt real estate owned and occupied by residents over the age of 65 from taxation. The exemption amount will be determined by the town council. Additionally, the bill allows other cities and towns in Rhode Island to exempt real or personal property owned by residents over the age of 65 from taxation, with the exemption amounts and conditions varying for each city or town.

Furthermore, the bill authorizes the town of Johnston to grant a real property tax credit to individuals who are 65 years of age or older and own and occupy real property in the town. The tax credit would be in addition to any other exemptions from taxation and would be based on specific amounts for each fiscal year. Only one credit would be granted to co-tenants, joint tenants, or tenants by the entirety, even if all individuals meet the age requirement. The total amount of all credits and exemptions cannot exceed the eligible resident owner's total residential property tax bill for the fiscal year. The bill would take effect upon passage.

Statutes affected:
7111: 44-3-13