Chapter 076

2008 -- S 2163 SUBSTITUTE A

Enacted 06/25/08

A N A C T

RELATING TO TAXATION -- THE TOWN OF CUMBERLAND -- HOMESTEAD EXEMPTION

Introduced By: Senators Connors, and Issa

Date Introduced: January 31, 2008

It is enacted by the General Assembly as follows:

     SECTION 1. Chapter 44-5 of the General Laws entitled "Levy and Assessment of Local

Taxes" is hereby amended by adding thereto the following section:

44-5-82. Cumberland homestead exemption. -- (a) The town council of the town of

Cumberland is authorized to annually fix the amount, if any, of a homestead exemption with

respect to assessed value from local taxation on taxable real property used for residential purposes

or mixed purposes, defined as a combination of residential and commercial uses, in the town of

Cumberland and to grant homestead exemptions to the owner or owners of residential real estate

or combination residential and commercial real estate in an amount not to exceed thirty percent

(30%) of the assessed value. The exemption shall apply to property used exclusively for

residential purposes, and improved with a dwelling containing less than five (5) units or real

property used for a combination of residential and commercial uses. When real property is used

for mixed purposes, the percentage of the assessed value shall be a prorated amount. The prorated

amount shall be the percentage of square feet of the parcel used for residential purposes

multiplied by the percentage of the homestead exemption. In order to determine compliance with

the homestead exemption as outlined in this subsection, the town council shall provide, by

resolution or ordinance, rules and regulations governing eligibility for the exemption established

by this section.

(b) The town council of the town of Cumberland may provide for a proration of the

homestead exemption in cases where title to property passes from those not entitled to claim an

exemption to those who are entitled to claim an exemption.

     SECTION 2. This act shall take effect upon passage.

=======

LC01074/SUB A

=======