The bill amends Chapter 44-3 of the General Laws, which addresses property taxation, specifically for the town of North Kingstown. It introduces new provisions that authorize North Kingstown to provide a $200 tax credit or the equivalent assessment dollars to veterans and gold star parents. Additionally, the town is permitted to offer a tax dollar credit or equivalent assessment dollars to legally blind individuals. For residents over the age of 65, the bill establishes a $450 tax credit or equivalent assessment dollars on owner-occupied real property.

The bill deletes the previous exemption for North Kingstown and replaces it with the new tax credits. It also clarifies that only one exemption is allowed to co-tenants, joint tenants, and tenants by ordinance. Furthermore, the ordinance may provide for a review of the exemption amount and residency requirement, allowing for adjustments to the tax credit or equivalent assessment dollars.

The provisions of the act are set to take effect on July 1, 2025.