Provides cities and towns with the authority to tax properties considered qualifying affordable housing at a rate higher than otherwise permitted.

Plain-English Summary

This bill would give Rhode Island cities and towns the ability to charge higher property tax rates on buildings that are classified as "qualifying affordable housing." Under current law, there are limits on how much local governments can tax certain types of properties, and this bill would create an exception to those limits specifically for affordable housing properties.

The people most directly affected would be the owners and developers of affordable housing buildings — which are typically apartment complexes or housing units built and operated to keep rents low for lower-income residents. If a city or town chose to use this new taxing authority, the owners of these properties could face higher tax bills than they currently pay. Depending on how individual landlords and property managers respond, this could potentially affect tenants living in affordable housing units as well.

It's important to note that this bill gives cities and towns the *option* to tax these properties at higher rates — it does not require them to do so. Each municipality would decide on its own whether to apply this higher tax rate. The bill was recently referred to the House Municipal Government & Housing Committee, where it has been recommended to be held for further study, meaning it has not yet advanced in the legislative process.