The bill amends Section 44-3-3 of the General Laws in Chapter 44-3, titled "Property Subject to Taxation," to update the list of properties exempt from taxation. It introduces new legal language, including a revised title for the section, "44-3-3. Property exempt," and specifies various exemptions for state-owned properties, military real estate, public school buildings, religious organizations, healthcare facilities, and more. The bill also includes provisions for urban and small farmers, allowing exemptions from sales taxes, real property taxes, and income taxes, while defining key terms such as "urban farmer" and "small farmer." Additionally, it outlines conditions for tax exemptions related to specific organizations and properties, including those owned by nonprofit entities and educational institutions.

The bill also includes deletions from current law, likely removing outdated exemptions or clarifying existing ones, although specific deletions are not detailed in the text. It establishes that properties leased to non-exempt entities will be taxed and sets conditions for exemptions in certain towns, including caps on exemption amounts for veterans' organizations. Furthermore, the bill addresses the taxation of urban farmland, allowing for exemptions on buildings used for agricultural operations and implementing a land use change tax for urban farmland that ceases to qualify. Overall, the bill aims to promote agricultural initiatives, support nonprofit organizations, and clarify tax exemptions across various sectors in Rhode Island.