(a) Notwithstanding any other provisions of the general or special laws to the contrary,
the town council of the town of West Greenwich 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 in the town of West Greenwich
and to grant homestead exemptions to the owner or owners of residential real estate
in an amount not to exceed forty percent (40%) of the assessed value. The exemption only applies to property used exclusively for residential purposes,
and improved with a dwelling containing less than five (5) units. In order to determine compliance with the homestead exemption as outlined in this
section, the town council shall provide by ordinance rules and regulations governing
eligibility for the exemption established by this section.
(b) In the event property granted an exemption under this section is sold or transferred
during the year for which the exemption is claimed, the town council of the town of
West Greenwich, upon approval of the town council, 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.
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