Read the full stored bill text
H7047
2026 -- H 7047
========
LC003550
========
STATE OF RHODE ISLAND
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2026
____________
A N A C T
RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES
Introduced By:
Representatives McGaw, and Shallcross Smith
Date Introduced:
January 09, 2026
Referred To:
House Municipal Government & Housing
It is enacted by the General Assembly as follows:
1
SECTION 1. Chapter 44-5 of the General Laws entitled "Levy and Assessment of Local
2
Taxes" is hereby amended by adding thereto the following section:
3
44-5-79.1. Little Compton -- Homestead exemption.
4
(a) The town council, upon approval by the financial town meeting, is authorized to
5
annually fix the amount of a homestead exemption with respect to the assessed value from local
6
taxation on taxable real property used for residential purposes in the town of Little Compton and
7
to grant homestead exemptions to the owner(s) of those residential dwellings in percentage amounts
8
as follows:
9
(1) In the first year the exemption will be ten percent (10%) of the mean assessed value of
10
all taxable real properties in the town of Little Compton.
11
(2) In each subsequent fiscal year, the financial town meeting may, by majority vote, amend
12
the percentage described in subsection (a)(1) of this section, within a range of not less than five
13
percent (5%) or more than fifteen percent (15%) of the mean assessed value of all taxable real
14
properties in the town of Little Compton.
15
(b) All residents who own the residential dwelling in which they reside and are registered
16
to vote in the town of Little Compton shall automatically qualify for the homestead exemption and
17
shall not be required to file an application for the homestead exemption.
18
(c) Non-registered voters who are residents of the town of Little Compton and who own
19
the residential dwelling in which they reside may apply for the homestead exemption on forms
1
supplied by the Little Compton tax assessor and by demonstrating residency in Little Compton with
2
a Rhode Island driver’s license or other official identification and a utility bill showing the name
3
and address of the resident.
4
(d) Residents of Little Compton who own more than one residential dwelling located in
5
Little Compton may also apply for a homestead exemption on a second residential dwelling using
6
the process set forth in subsections (b) and (c) of this section.
7
(e) A residential dwelling leased for at least twelve (12) months to a full-time resident may
8
also be eligible for a homestead exemption so long as the rental payments remain at the same
9
amount at the start of the next twelve (12) month lease cycle following the approval of the
10
exemption. The Little Compton tax assessor shall supply application forms for rental property
11
homestead exemptions, to be filed along with the lease agreement, and additional identifying
12
information for the tenant(s) as determined by the tax assessor.
13
(f) For the purposes of this section, the term “resident” means an individual whose principal
14
place of residence is located within the town of Little Compton and who occupies such dwelling
15
for more than six (6) months of the calendar year.
16
SECTION 2. This act shall take effect upon passage.
========
LC003550
========
LC003550 - Page 2 of 3
EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES
***
1
This act would authorize the town council of Little Compton to establish a homestead
2
exemption for residential dwellings.
3
This act would take effect upon passage.
========
LC003550
========
LC003550 - Page 3 of 3