§ 44-5-78. Newport - Homestead exemption. (a) The city council of the city of Newport is authorized to annually fix the amount, if any, of a homestead exemption with respect to assessed value from local taxation on taxable real property used for residential purposes in the city of Newport and to grant homestead exemptions to the owner(s) of the residential 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 property improved with a dwelling house. There shall be no homestead exemption granted for vacant land or for the residential portion of mixed-use property in the city of Newport, regardless of the number of units used for residential purposes. In order to determine compliance with the homestead exemption as outlined in this section, the city council shall provide, by resolution or ordinance, rules and regulations governing eligibility for the exemption established by this section.
(c) The city council of the city of Newport may provide for a proration of the homestead exemption in cases where title to the property passes from those not entitled to the exemption to those who are entitled to claim the exemption.
History of Section. (P.L. 2002, ch. 279, § 1; P.L. 2002, ch. 346, § 1.)
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