Exempts a single-family, primary residence, owned by a taxpayer, who is at least sixty-five (65) years old, and has been a Rhode Island resident for at least forty (40) years. It also excludes multi-family and income-producing properties.

Rhode Island Property Tax Exemption for Long-Term Senior Residents

This bill would exempt certain Rhode Island homeowners from paying property taxes on their primary residence. To qualify, a homeowner must be at least 65 years old, have lived in Rhode Island for at least 40 years, and own a single-family home that serves as their main place of residence. The exemption would not apply to multi-family homes, rental properties, or any property that generates income.

The bill would most directly benefit elderly Rhode Islanders who have spent most of their lives in the state and own a modest single home. For example, someone who moved to Rhode Island in their 20s and has lived there ever since would potentially qualify once they reach age 65. By eliminating their property tax bill, the exemption could provide meaningful financial relief to seniors who may be living on fixed incomes, such as Social Security or retirement savings, and struggling to keep up with housing costs.

It is worth noting that because the residency requirement is 40 years, the pool of eligible homeowners is relatively narrow — it would exclude long-time residents who don't quite meet that threshold, as well as seniors who moved to Rhode Island later in life. Local cities and towns, which rely heavily on property tax revenue, could also see a reduction in their tax base depending on how many homeowners qualify. The bill has been referred to the Senate Finance Committee, where it will be reviewed before any further action is taken.