Increases the minimum veterans’ exemption from one thousand dollars ($1,000) to six thousand dollars ($6,000) with respect to municipal taxes.

## Rhode Island Veterans' Property Tax Exemption Bill

This bill would increase the minimum property tax break that Rhode Island veterans receive on their local (municipal) property taxes. Currently, state law requires cities and towns to give veterans at least a $1,000 exemption on the value of their property for tax purposes. This bill would raise that minimum exemption to $6,000 — a six-fold increase.

In practical terms, a property tax exemption reduces the assessed value of a home that is subject to taxation. For example, if a veteran's home is assessed at $300,000 and they receive a $6,000 exemption, they would only be taxed on $294,000 of that value. The higher the exemption, the more money a veteran saves on their annual property tax bill. The exact dollar savings would vary depending on the tax rate in the veteran's specific city or town.

This bill would affect veterans who own property in Rhode Island, potentially lowering their annual property tax costs. It would also affect local municipalities, which would collect somewhat less property tax revenue as a result of the larger required exemption. It's worth noting that this bill sets a **minimum** — cities and towns are still free to offer veterans an even larger exemption if they choose.

The bill was introduced in the Rhode Island House of Representatives and referred to the House Municipal Government & Housing Committee. The committee has recommended the bill be held for further study, meaning it has not yet advanced to a full vote.