AN ACT RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

Summary

This bill allows Rhode Island cities and towns to exempt the increased value of an owner-occupied home from local property taxes if the homeowner makes substantial improvements. It affects homeowners looking to renovate their properties and the municipalities that tax them. By temporarily freezing the taxable value of the home before improvements, the bill aims to encourage property upgrades without the immediate penalty of higher taxes.

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