Chapter 324
2008 -- H 8081
Enacted 07/05/08
A N A C T
RELATING
TO TAXATION -- THE TOWN OF CUMBERLAND -- HOMESTEAD EXEMPTION
Introduced
By: Representatives Vaudreuil, and Menard
Date
Introduced: March 26, 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.
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LC02484
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