The bill seeks to amend the General Laws in Chapter 44-3, "Property Subject to Taxation," to revise the property tax exemptions for veterans, their widows, or widowers, and elderly residents in various municipalities in Rhode Island. It increases the exemption amounts in certain cities, such as raising the exemption in Warwick from $10,000 to $30,000, and introduces new exemption amounts for veterans who have received "specially adapted housing" assistance. The bill also specifies that exemptions apply to properties within the municipality where the veteran resides and can be claimed on additional properties if the value does not exceed the exemption limit. Evidence of eligibility must be presented annually, with specific deadlines for different towns, such as five days prior to the certification of the tax roll in Kingstown.

Additionally, the bill includes provisions for tax exemptions and rate freezes for elderly residents and those totally and permanently disabled, with income thresholds for eligibility varying by town. For example, in Johnston, the income threshold is $6,000 per year for an individual, while in Cranston, it is $20,000 or less as determined by the city council. The town of West Warwick is allowed to increase exemptions for residents over 65 from $10,000 to $30,000 and introduces new income brackets for exemption amounts. The bill also details the conditions for tax credits or freezes in Tiverton, Warwick, East Greenwich, and Charlestown based on age, income, and other criteria. These benefits are in addition to any other exemptions provided by law, and the real estate remains subject to the bonded indebtedness of the town. The bill would take effect upon passage and does not contain any marked insertions or deletions.