General Assembly passes legislation paving the way for a homestead tax exemption in Narragansett
STATE HOUSE — The General Assembly has passed legislation introduced by Sen. James C. Sheehan (D-Dist. 36, Narragansett, North Kingstown) and Rep. Carol Hagan McEntee (D-Dist. 33, Narragansett, South Kingstown) that would allow a homestead tax exemption in the town of Narragansett.
The enabling legislation (2016-S 2188, 2016-H 7127) would grant the Narragansett Town Council the authority to adopt a homestead exemption ordinance, similar to those that have already been adopted in several other communities in the state.
“Some 10 cities and towns have been permitted to implement a homestead exemption in their communities,” said Senator Sheehan. “When implemented, it is anticipated that homestead exemption will provide very modest property tax relief for homeowners, while slightly increasing the property tax rate on rental properties. However, the commercial property tax rate is expected to be significantly reduced. This should help local businesses and provide a much-needed economic boost to the community.”
The exemption would apply to home-owning taxpayers who actually reside at the taxable property. The bill would cap any exemption adopted by the town council at 10 percent. The council would be responsible for enacting any rules and regulations to govern the exemption.
“The year-round residents of Narragansett have been seeking the same treatment that other cities and towns afford their residents with homestead exemptions and I am pleased that this legislation finally grants those residents the tax relief they deserve,” said Representative McEntee.
For more information, contact:
Daniel Trafford, Publicist
State House Room 20
Providence, RI 02903