§ 228-1Grant of residential property tax credit; income determination;
§ 228-2Age requirement.
§ 228-3Application for credit exemption.
§ 228-4Exemption to be additional.
§ 228-4.1Property held in trust.
Any real property owned and occupied for a period of five years or more by any person over the age of 65 shall be eligible for a credit against his/her owner-occupied residential property in an amount calculated in conformity with the following guidelines.
Measurement of income. The income to be used shall be as has been or would be reported on State Form RI-1040H (RI Property Tax Relief Claim) as "Total 20XX Household Income," except that social security income will be the net amount received excluding Medicare premiums.
Calculation of credit. The annual credit to be applied shall be as determined by the following income thresholds and credit amounts:
|Total Household Income||Age|
|65 to 70||71 to 75||76 to 80||81 and Over|
|$25,000 and above||$600||$600||$600||$600|
|$20,000 to $24,999||$700||$800||$900||$1,000|
|$17,500 to $19,999||$800||$900||$1,000||$1,100|
|$15,000 to $17,499||$900||$1,000||$1,100||$1,200|
|$14,999 and below||$1,000||$1,100||$1,200||$1,300|
In order to qualify for this credit, the applicant shall be a Town resident who shall own and reside on the real estate where the credit is to be applied as of the time of the application for the credit and also for a period of not less than five calendar years immediately preceding the application.
In order to qualify for the credit established by this article, a person must be 65 years of age on or before December 31 of the year preceding the year in which the tax is due and payable, such date being the assessment date for real property within the state.
The credit provided by this article shall be applied to the tax roll by the Tax Assessor, and the Tax Assessor shall require that each person seeking such credit shall apply on or before April 15 of each year, except for the year of enactment, that date to be determined by the Tax Assessor. Such application shall be in a form prescribed by the Assessor.
This credit shall be in addition to any and all other exemptions from taxation to which such person may be otherwise entitled; provided, however, that only one credit shall be permitted for each parcel of property, whether or not there be one or more owners eligible for such credit.
When property is held in trust, the settlor, beneficiary, and trust are not eligible for the additional credit. A trustee-occupier of the residence would be eligible if all other requirements are met.