§ 44-5-89. South Kingstown homestead exemption.
(a) The town council of the town of South Kingstown 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 or mixed purposes,
defined as a combination of residential and commercial uses, in the town of South
Kingstown, and to grant homestead exemptions to the owner, or owners, of residential
real estate, or combination residential and commercial real estate, in an amount not
to exceed ten percent (10%) of the assessed value. The exemption shall apply to property
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§ 44-5-89. South Kingstown homestead exemption.
(a) The town council of the town of South Kingstown 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 or mixed purposes,
defined as a combination of residential and commercial uses, in the town of South
Kingstown, and to grant homestead exemptions to the owner, or owners, of residential
real estate, or combination residential and commercial real estate, in an amount not
to exceed ten percent (10%) of the assessed value. The exemption shall apply to property
used exclusively for residential purposes, and improved with a dwelling containing
less than five (5) units, or real property used for a combination of residential and
commercial uses. When real property is used for mixed purposes, the percentage of
the assessed value shall be a prorated amount. The prorated amount shall be the percentage
of square feet of the parcel used for residential purposes, multiplied by the percentage
of the homestead exemption. In order to determine compliance with the homestead exemption
as outlined in this section, the town council shall provide, by resolution or 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
South Kingstown, 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.