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. Key insertions include a new title for the section, "44-3-3. Property exempt," and a comprehensive list of specific exemptions for various properties and organizations, such as state-owned properties, military-use real estate, public school buildings, and properties owned by religious organizations. The bill also introduces exemptions for nonprofit organizations, educational institutions, healthcare facilities, and properties used for renewable energy resources, among others. Notably, it specifies that properties leased to non-exempt entities will be taxed and sets conditions for exemptions, including caps on certain exemptions and provisions for tax liens related to individuals unable to pay due to infirmity or poverty.

Additionally, the bill includes provisions for the taxation of for-profit hospital facilities, detailing how their properties will be assessed upon conversion from nonprofit status and allowing local governments to create exemptions to promote economic development. It also specifically exempts the non-commercial real and tangible personal property of the Southside Community Land Trust while deleting previous references to Northwest Community Health Care. Overall, the bill aims to provide tax relief to various nonprofit organizations and support their contributions to the community, while also establishing a framework for local governments to manage tax exemptions effectively.