The bill amends Section 44-3-13.5 of the General Laws in Chapter 44-3, which pertains to property taxation exemptions for elderly and disabled persons in Glocester. It authorizes the town council to provide various exemptions and tax credits for qualified owner-occupants as follows:

1. A base exemption for real property owned and occupied by persons aged 65 years or older, or under 65 years of age who are permanently disabled, in an amount not to exceed $2,070, which will be adjusted annually by the consumer price index for all urban consumers (CPI-U).
2. An additional exemption for real property owned and occupied by persons aged 80 years or older, who have owned and occupied the property for a period established by ordinance, in an amount not to exceed $1,000, which may also be adjusted by ordinance.
3. A minimum tax provision requiring that any qualified owner-occupant receiving an exemption under this section shall pay not less than the minimum annual tax amount as established by ordinance.
4. A variable income exemption for qualified owner-occupants who received such exemption prior to a date established by ordinance, which:
- Applies to real property owned and occupied by persons whose combined adjusted gross taxable household income does not exceed an amount established by ordinance;
- May exclude social security benefits from income calculations, as provided by ordinance;
- Shall be administered at the rate and level in effect as of a date certain established by ordinance; and
- Requires annual verification of income eligibility.
5. The income eligibility threshold for the variable income exemption may be adjusted annually in accordance with the percentage change in the CPI-U, or a regional variant thereof, as specified by ordinance.
6. No income limitation shall apply to exemptions granted under the base and additional exemptions for applicants qualifying after the date established by ordinance.

The bill specifies that any adjustment based on the CPI shall be calculated using a non-compounded methodology, applying each annual percentage change solely to the original base amount specified in the section. The town council may establish eligibility requirements, including proof of age, ownership, occupancy, legal domicile, and disability, as well as application procedures and documentation requirements for income verification.

The exemptions shall be prorated among the owners of the real property and shall be in addition to all other exemptions from taxation to which the person may be otherwise entitled. The exemptions shall be applied uniformly, with only one exemption granted to co-tenants, joint tenants, or tenants by the entirety, even if more than one owner is eligible. The provisions of this section shall apply notwithstanding the provisions of 44-3-15. This act will take effect upon passage.

Statutes affected:
8436: 44-3-13.5