§ 44-5-60 - North Providence – Homestead exemptions.
SECTION 44-5-60
§ 44-5-60 North Providence –Homestead exemptions. – (a) The mayor, upon approval of the town council of the town of NorthProvidence, is authorized to annually fix the amount, if any, of homesteadexemption with respect to assessed value from local taxation on taxable realproperty used for residential purposes in the town of North Providence and togrant homestead exemptions to the owner or owners of residential real estate inan amount not to exceed twenty percent (20%) of the assessed value. Theexemption only applies to class 3 residential property as defined in §44-5-57 improved with a dwelling house whose owner is a resident of NorthProvidence and who occupies the property as his or her principal residence. Thedwelling house shall consist of no more than five (5) dwelling units. In orderto determine compliance with the homestead exemption as outlined in thissubsection, the town council shall provide, by resolution or ordinance, rulesand regulations governing eligibility for the exemption established by thissection.
(b) In the event property granted an exemption under thissection is sold or transferred during the year for which the exemption isclaimed, the exemption is void for that portion of the year following the saleor transfer and the buyer or transferee is liable to the town of NorthProvidence for any tax benefit received after the sale or transfer; provided,that there is a homestead exemption for owner occupied residential andcommercial mixed-use (class 5) real estate in an amount not to exceed tenpercent (10%) of the assessed value.