Authorizes the town council of Little Compton to establish a homestead exemption for residential dwellings.

Plain-English Summary

This bill gives the town of Little Compton the legal authority to create a homestead exemption for people who own and live in their homes there. A homestead exemption is a property tax break specifically for a homeowner's primary residence — meaning the home they actually live in, not vacation homes, rental properties, or other real estate. Right now, Little Compton does not have this power under state law, and this bill would grant it to them.

If the bill becomes law, the Little Compton Town Council would then decide whether to actually create the exemption, what the rules would be, and how large the tax break would be. The bill itself doesn't set the specific dollar amount or percentage of the exemption — it simply unlocks the option for the town to put one in place on its own terms.

The people most directly affected would be Little Compton residents who own and live in their homes. If the town council chooses to use this new authority, those homeowners could pay less in property taxes on their primary residence compared to what they currently pay. Owners of second homes, vacation properties, or rental properties in Little Compton would generally not qualify for this type of exemption.

The bill has moved through the Rhode Island legislature and has been transmitted to the Governor for signature, meaning it is very close to becoming law.