§ 44-5-60.1 - Johnston – Homestead exemptions. - Rhode Island Statutes

SECTION 44-5-60.1

   § 44-5-60.1  Johnston – Homesteadexemptions. – (a) The mayor of the town of Johnston, upon approval of the town council, isauthorized to annually fix the amount, if any, of homestead exemption withrespect to assessed value from local taxation on taxable real property used forresidential purposes in the town of Johnston and to grant homestead exemptionsto the owner(s) of that residential real estate in an amount not to exceedtwenty percent (20%) of the assessed value. That exemption only applies toclass 3 residential property as defined in § 44-5-57 improved with adwelling house whose owner is a resident of Johnston and who occupies theproperty as his or her principal residence. The dwelling house shall consist ofno more than five (5) dwelling units. In order to determine compliance with thehomestead exemption as outlined in this section, the town council shallprovide, by resolution or ordinance, rules and regulations governingeligibility for the exemption established by this section.

   (b) In the event property granted an exemption under thissection is sold or transferred during the year for which the exemption isclaimed, the exemption is void for that portion of the year following the saleor transfer, and the buyer or transferee shall be liable to the town ofJohnston for any tax benefit received after the sale or transfer. Provided,that there shall be a homestead exemption for owner-occupied residential andcommercial mixed-use (class 5) real estate in an amount not to exceed tenpercent (10%) of the assessed value.