Will Charlestown be next? First steps this Monday
“South Kingstown’s housing market is pricing out our current and future
homeowners. Out-of-state buyers and corporations are driving up the cost
of home ownership by buying up properties and turning them into rentals, and
our residents are then being squeezed with rising home evaluations. The
year-round residents of South Kingstown have been asking for a homestead
exemption for quite some time and this legislation will finally grant our
hard-working year-round residents the tax relief that they deserve and that
will help keep them in their homes,” said Representative McEntee (D-Dist. 33,
South Kingstown, Narragansett).
“This legislation will give South Kingstown residents a much-needed measure of property tax relief that will help full-time residents stay in the community that they love and cherish. Amid rapidly rising property values, taxes, utility costs and daily necessities, as well as the influx of out-of-towners and corporations buying precious real estate, our town’s residents are too often faced with the stress and anxiety of staying in their homes and paying for everyday expenses. This legislation will help ease those concerns, while also helping to maintain the welcoming and inclusive character of our town,” said Senator Sosnowski (D-Dist. 37, South Kingstown).
The exemption would apply to home-owning taxpayers who actually reside at the
taxable property. The bill would cap any exemption adopted by the Town Council
at 10 percent. The council would be responsible for enacting any rules and
regulations to govern the exemption.
The legislation now heads to the governor for consideration.
