Rhode Island General Laws Title 44. Taxation § 44-3-13.10. North Kingstown--Exemption of certain real estate

The town council of North Kingstown is authorized, by ordinance, to grant exemptions with respect to the assessed value of certain single-family residential real property situated in the town which is occupied by the owner or owners of it and which, as a consequence of a revaluation or update in accordance with § 44-5-11.6, the assessed value of the land component (exclusive of any buildings or other improvements) of the property has increased by more than fifty percent (50%) of the assessed value of the land component of the property as of December 31 of the year immediately preceding the effective date of the revaluation or update (hereafter referred to as the “ increase”). The ordinance may provide that no exemption may be granted unless the subject property was on the tax roll as single-family residential real property for the year immediately preceding the effective date of the revaluation or update. The exemption may be a percentage up to one hundred percent (100%) of the amount by which the increase exceeds one hundred fifty percent (150%) or more of the assessed value of the land component of the property as of December 31 of the year immediately preceding the effective date of the revaluation or update (hereafter referred to as the “ exemption amount”) and only one exemption shall be allowed to co-tenants, joint tenants, and tenants by the entirety even though all or more than one of them are occupying the property. In addition to a requirement of domicile within the town of North Kingstown at the time of making application for the exemption, the ordinance may also require that an applicant for the exemption or a member of his or her immediate family, i.e. parent, spouse, child or sibling, must have owned and occupied the particular residential property for a period of up to but not in excess of five (5) years prior to the effective date of the revaluation or update and for the year for which the exemption is claimed. The ordinance may also provide that the exemption shall not be granted to any applicant whose annual household income exceeds an amount up to but not in excess of seventy-five thousand dollars ($75,000) in the year for which the exemption is claimed. For the purposes of this section, the “ household income of a taxpayer” shall be deemed to include the income of his or her spouse and all other individuals residing in the taxpayer's dwelling for more than fifty percent (50%) of the calendar year. The ordinance may require that the exemption shall not be allowed in favor of any person unless he or she shall have presented to the assessor a true and exact account of his or her ratable estate as provided for in §§ 45-5-15 and 45-5-16 for the year for which the exemption is claimed, together with due evidence that he or she is entitled to the exemption. The ordinance may also provide for a graduated schedule of decreasing annual exemptions following the effective date of the revaluation or update and/or a graduated schedule of increasing exemptions which may be based on ownership and occupancy of the subject property by the applicant or a member of his or her immediate family, up to but not in excess of five (5) years. The exemption provided in accordance with the provisions of this section shall be in addition to any other exemption to which a person may be entitled under any other law or ordinance.