Rhode IslandH70472026 Regular SessionHouseWALLET

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

Sponsored By: Michelle E. McGaw (Democratic)

Became Law

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Free to download

Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

Lower taxable value for Little Compton homes

The law lowers your Little Compton home's taxable value with a homestead exemption. The town council sets the percent each year with approval at the financial town meeting. In the first year, the exemption is 10% of the town’s mean assessed value of all taxable real property. After that, a majority vote at the financial town meeting may set it between 5% and 15%. Your tax savings depend on the local tax rate.

Homestead on second homes and rentals

If you own more than one home in town, you can claim a homestead on a second home. The same application and proof rules apply. A rented home can qualify if it has a 12-month lease to a full-time resident. After approval, the rent must stay the same at the start of the next 12‑month lease. File the lease and tenant information with the tax assessor.

Homestead rules for Little Compton homeowners

If you own and live in your Little Compton home and vote there, you qualify automatically. You do not need to file an application. If you are not a registered voter, you can apply with the assessor's form. Show a Rhode Island ID and a utility bill with your name and address. A resident’s main home is in Little Compton, and they live there more than six months a year.

Sponsors & Cosponsors

Sponsor

Michelle E. McGaw
Democratic • House

Cosponsors

Mary Ann Shallcross Smith
Democratic • House

Roll Call Votes

All Roll Calls

Yes: 69 • No: 0

House vote • 2/3/2026

LEVY & ASSESSMENT OF LOCAL TAXES PASSAGE