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 introduces new provisions allowing the town council to establish exemptions or tax credits for real property owned and occupied by qualified individuals. Specifically, it sets a base exemption of up to $2,070 for those aged 65 and older or permanently disabled, with the potential for an additional exemption of up to $1,000 for those aged 80 and older. The bill also allows the town council to adjust residency requirements and establishes a minimum tax provision requiring qualified owner-occupants to pay a minimum annual tax amount as determined by ordinance.

Additionally, the bill removes previous language that specified tax credits based on age and income thresholds, replacing it with broader authority for the town council to set eligibility criteria, including age, residency, and income adjustments based on the Consumer Price Index (CPI). The exemptions will be prorated among property owners, applied uniformly, limited to one exemption per property, and can be combined with other exemptions authorized by law. The act is set to take effect upon passage and will apply to property assessments starting December 31, 2025, for the fiscal year 2026-2027 and beyond.

Statutes affected:
8436: 44-3-13.5
8436  as amended: 44-3-13.5