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 establishes a new framework for tax exemptions, allowing the town council to provide exemptions or tax credits for real property owned and occupied by qualified individuals. The base exemption for those aged 65 and older or permanently disabled is set at a maximum of $2,070, with annual adjustments based on the consumer price index (CPI). An additional exemption of up to $1,000 is available for those aged 80 and older, and the town council has the authority to modify residency requirements and other eligibility criteria.

The bill includes provisions for a minimum tax requirement for qualified owner-occupants receiving exemptions, as well as a variable income exemption for those who previously qualified. It allows for annual adjustments to income eligibility thresholds based on CPI and specifies that no income limitations apply to certain exemptions for applicants qualifying after a date established by ordinance. The exemptions will be prorated among property owners, applied uniformly, and will be in addition to any other exemptions authorized by law or ordinance. This 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:
3262: 44-3-13.5
3262  as amended: 44-3-13.5