The bill proposes an amendment to Chapter 44-3 of the General Laws, specifically adding a new section that grants the city council of Woonsocket the authority to establish tax exemptions for real and personal property by ordinance. The city council is tasked with determining eligibility for these exemptions, which cannot be more restrictive than those defined in existing sections of the law (ยงยง 44-3-4, 44-3-4.2, or 44-3-5). Eligibility criteria may include a requirement for the exemption recipient to own and occupy the property.

The types of exemptions permitted include those for the elderly with income requirements, visually impaired individuals, veterans, widows/widowers of veterans, Gold Star Parents, or 100% service-connected disabled veterans. The exemptions are to be established in multiples of one thousand dollars ($1,000) of valuation, with each exemption granted being equivalent to a rate of twenty dollars ($20.00) per one thousand dollars ($1,000) of valuation. The act is set to take effect immediately upon passage.