Upon the recordation of a foreclosure deed by a financial institution,
including but not limited to the U.S. Department of Housing and Urban
Development and the Rhode Island Housing and Mortgage Finance Corporation,
or any such public or private entity, the Recorder of Deeds shall
notify the Tax Assessor of said foreclosure deed, and the Tax Assessor
shall immediately revoke any homestead exemption existing on the property,
based upon the presumption that the subject property is no longer
owner-occupied.