The bill amends Section 44-3-13.6 of the General Laws in Chapter 44-3, which pertains to property subject to taxation in Jamestown, specifically focusing on tax exemptions for individuals aged 65 and over. The town council is granted the authority to expand the local tax exemption ordinance for seniors. The bill introduces a new exemption for taxpayers with an income of not less than two hundred twenty percent (220%) and not more than two hundred forty percent (240%) of the federal poverty guideline, providing an exemption of ten percent (10%) of the assessment cap or the assessed valuation, whichever is less.

The bill clarifies that only one exemption is granted to co-owners and that the exemption is limited to residential properties exclusively used as such. It also specifies that income-bearing properties are not eligible for the exemption and outlines conditions under which the exemption terminates, such as property conveyance or the death of the qualifying individual. Key terms, including "federal poverty guideline," "income," and "resident," are defined within the bill. This act is intended to enhance the local tax exemption ordinance for seniors in Jamestown and will take effect upon passage.

Statutes affected:
7151: 44-3-13.6