AN ACT RELATING TO TAXATION -- REAL ESTATE CONVEYANCE TAX

Summary

The proposal amends Rhode Island’s real estate conveyance tax, charging $3.75 for every $500 of purchase price above $100 on any property transfer. For residential properties sold for more than $800,000, the same rate applies only to the amount exceeding that threshold, which is adjusted each year for inflation. Collected taxes would be divided among the state, municipalities, and designated housing assistance funds.

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