The bill amends Section 44-3-3 of the General Laws in Chapter 44-3, which addresses property subject to taxation, by introducing a new exemption for real property consisting of a single-family home owned and used as a primary residence by a taxpayer who is at least sixty-five (65) years old and has been a Rhode Island resident for at least forty (40) years. This exemption explicitly excludes multi-family and income-producing properties.

The bill also retains existing exemptions for properties owned by the state, federal government, and certain educational and religious organizations, while detailing conditions under which manufacturing machinery and equipment may be exempt, contingent upon local ordinances. It emphasizes the need for compliance with local regulations to demonstrate eligibility for these exemptions.

Additionally, the bill addresses the taxation of for-profit hospital facilities, stipulating that their real property value will be based on the most recent full revaluation or statistical update by the local government. It allows for stabilization agreements to ensure fair assessment values for properties transitioning from nonprofit to for-profit status. The act will take effect upon passage.

Statutes affected:
2557: 44-3-3