Vote Smart's Synopsis:

Vote to concur with senate passage and pass a bill that repeals the homestead exemption and establishes 2 residential property tax rates: owner occupied, at $10.46 per $1,000 and non-owner occupied at $18.35 per $1,000 in Rhode Island.

Highlights:

• Establishes the owner-occupied rate be constructed as the standard rate for this class (Sec. 44-5-11.8.).

• Specifies the maximum rate applicable to another class is yet to be determined  (Sec. 44-5-11.8.).

• Exempts the town of Glocester and Providence  (Sec. 44-5-11.8.).

• Authorizes Providence city council provides for and adopts an appropriate tax rate for various classes by ordinance (Sec. 44-5-11.8.):

• Specifies the rate for Class 2 shall not be more than two times the tax rate of Class 1;

• Specifies the tax rate for Class 3 shall not be more than three times the tax rate of Class 1; and

• Specifies the tax rate for Class 2 shall not be more than three and one half times the effective owner-occupied tax rate for Class.

• Defines classes of property as, 

• Class 1A: residential real estate with fewer than six dwelling units, land as open space, and leased land including mobile homes (A);

• Class 1B: residential real estate with six to ten dwelling units (B); 

• Class 1C: residential real estate with over ten dwelling units (C);

• Class 2: commercial and industrial real estate (ii):

• Class 3: properties with partial residential and commercial use and specifies the city may adopt a tax rate for this class for different portions of the property by any reasonable manner(iii); and

• Class 4: all tangible property (iv).

• Exempts homesteads in Class 1A and shall divide class into non-owner and owner-occupied property (2). 

• Authorizes the city of Providence to change the number of dwelling units in Class 1 after the first tax year (3). 

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that repeals the homestead exemption and establishes 2 residential property tax rates: owner occupied, at $10.46 per $1,000 and non-owner occupied at $18.35 per $1,000 in Rhode Island.

Highlights:

• Establishes the owner-occupied rate be constructed as the standard rate for this class (Sec. 44-5-11.8.).

• Specifies the maximum rate applicable to another class is yet to be determined  (Sec. 44-5-11.8.).

• Exempts the town of Glocester and Providence  (Sec. 44-5-11.8.).

• Authorizes Providence city council provides for and adopts an appropriate tax rate for various classes by ordinance (Sec. 44-5-11.8.):

• Specifies the rate for Class 2 shall not be more than two times the tax rate of Class 1;

• Specifies the tax rate for Class 3 shall not be more than three times the tax rate of Class 1; and

• Specifies the tax rate for Class 2 shall not be more than three and one half times the effective owner-occupied tax rate for Class.

• Defines classes of property as, 

• Class 1A: residential real estate with fewer than six dwelling units, land as open space, and leased land including mobile homes (A);

• Class 1B: residential real estate with six to ten dwelling units (B); 

• Class 1C: residential real estate with over ten dwelling units (C);

• Class 2: commercial and industrial real estate (ii):

• Class 3: properties with partial residential and commercial use and specifies the city may adopt a tax rate for this class for different portions of the property by any reasonable manner(iii); and

• Class 4: all tangible property (iv).

• Exempts homesteads in Class 1A and shall divide class into non-owner and owner-occupied property (2). 

• Authorizes the city of Providence to change the number of dwelling units in Class 1 after the first tax year (3). 

Full Bill Text