§ 44-5-78 - Newport – Homestead exemption.
SECTION 44-5-78
§ 44-5-78 Newport – Homesteadexemption. – (a) The city council of the city of Newport is authorized to annually fix theamount, if any, of a homestead exemption with respect to assessed value fromlocal taxation on taxable real property used for residential purposes in thecity of Newport and to grant homestead exemptions to the owner(s) of theresidential real estate in amounts not to exceed the following percentages:
(1) Single family and
condominiums: thirty-five percent (35%) exemption;
(2) Two (2) family: twenty percent (20%) exemption;
(3) Three (3) family: five percent (5%) exemption.
(b) Any exemption shall only apply to residential propertyimproved with a dwelling house. There shall be no homestead exemption grantedfor vacant land or for the residential portion of mixed-use property in thecity of Newport, regardless of the number of units used for residentialpurposes. In order to determine compliance with the homestead exemption asoutlined in this section, the city council shall provide, by resolution orordinance, rules and regulations governing eligibility for the exemptionestablished by this section.
(c) The city council of the city of Newport may provide for aproration of the homestead exemption in cases where title to the propertypasses from those not entitled to the exemption to those who are entitled toclaim the exemption.