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 a new framework for tax exemptions, allowing the town council to provide various exemptions or tax credits for real property owned and occupied by qualified individuals. Key provisions include:

1. A base exemption of up to $2,070 for real property owned and occupied by persons aged 65 and older or under 65 who are permanently disabled, with this amount adjusted annually by the consumer price index for all urban consumers (CPI-U).
2. An additional exemption of up to $1,000 for real property owned and occupied by persons aged 80 and older, which may be adjusted by ordinance.
3. A minimum tax provision requiring that any qualified owner-occupant receiving an exemption shall pay not less than the minimum annual tax amount established by ordinance.
4. A variable income exemption for qualified owner-occupants whose combined adjusted gross taxable household income does not exceed an amount established by ordinance, which may exclude social security benefits from income calculations 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, and no income limitation shall apply to exemptions granted under the base and additional exemptions for applicants qualifying after a 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. 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. This act will take effect upon passage.

Statutes affected:
3262: 44-3-13.5