The bill amends property taxation laws, particularly focusing on veterans' exemptions, by expanding the definition of veterans to include those who served during the Cold War era from 1947 to 1991. It adjusts the exemption amounts for veterans in various municipalities, with some towns setting their own exemption amounts by ordinance. Notably, the exemption in West Warwick is increased from $10,000 to $30,000, as indicated by the deletion of the former amount and the insertion of the new amount. The exemptions apply to property taxes and are contingent upon the veteran being a legal resident of the state and providing evidence of their entitlement to the assessors by a specified deadline. The bill also includes provisions for the town of South Kingstown, where evidence of entitlement must be presented to the assessors at least five days prior to the certification of the tax roll.

Additionally, the bill outlines exemptions for totally disabled veterans and provides for the possibility of tax credit reductions in place of tax assessment exemptions in certain areas. It specifies the conditions under which exemptions can be applied, such as the level of disability, type of military service, and property ownership and use. The bill introduces new legal language that allows for increased exemptions for elderly residents in West Warwick and the freezing of tax rates and valuations for elderly residents in various cities and towns. It also proposes amendments to the exemptions from assessed valuation on real property for individuals in West Warwick based on their income, with new exemption amounts and income brackets added. The bill includes provisions for tax exemptions or freezes in the towns of Coventry, Exeter, and Bristol for eligible residents, and outlines conditions for tax credits or freezes in Tiverton, Warwick, East Greenwich, and Charlestown. The bill aims to update and expand tax relief options for veterans and elderly residents and would take effect upon passage. There are no insertions or deletions marked in the provided text.