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Patsfan

Rhode Island Property tax Question

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As I've mentioned in other threads, I am considering moving to Rhode Island. I have some questions about the property taxes. I'm wondering which cities have homestead exemptions and how much the exemptions are? I'm particularly interested in Providence, North Providence, East Providence and Pawtucket. BTW, you guys have been incredibly helpful with my other questions!

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There is a homestead property tax exemption for Providence. After you purchase your home ask city hall for a homestead form, and send it in. The exemption will kick in starting the next year you are in the house (not the first year). From that point forward, 50% of the value of your house is disregarded. Or, the tax rate for your house is half of the posted rate (it equals the same thing in the end). So for a house valued at $300K you would end up being taxes on $150K of it. Hope that helps...

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Can you break this up into idiot proof terms for me? What exactly is a homestead exemption, I'm picturing booting Indians off their land so I can run a cattle ranch or something. :silly:

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Can you break this up into idiot proof terms for me? What exactly is a homestead exemption, I'm picturing booting Indians off their land so I can run a cattle ranch or something.  :silly:

<{POST_SNAPBACK}>

lol. My understanding is that "homestead" just refers to property where you actually reside. You wouldn't get this exemption if you were renting your property to someone else.

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There is a homestead property tax exemption for Providence. After you purchase your home ask city hall for a homestead form, and send it in. The exemption will kick in starting the next year you are in the house (not the first year). From that point forward, 50% of the value of your house is disregarded. Or, the tax rate for your house is half of the posted rate (it equals the same thing in the end). So for a house valued at $300K you would end up being taxes on $150K of it. Hope that helps...

<{POST_SNAPBACK}>

Thanks, Jenkins. That's the best description of the H.E. in Providence that I've read so far. I still can't figure out if Pawtucket's exemption is for 20% or 50%?

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What if you had a multi-family? Could you homestead that, or only the part you were living in, i.e. a third of a 3-family?

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My guess is that as long as you lived in one of the units of a multi-family you could claim the exemption. But I don't know for sure...

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http://www.providenceri.com/TaxAssessor/do...estead_Form.pdf

The Homestead exemption form, on the link above, says only that you must own your residence, reside in it year round, and be a resident of Providence, and the exemption is 50% which is up from 1/3 last year. It doesn't say anything about multi units, but if you own it, then it sounds like it would count for the total value of your property.

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I own my home and rent two other uniits in it, and I have claimed the homestead exemption for the past 6 years. It's a great thing.

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I think the homestead does not apply to dwellings of four units or more. Thus, the triple-deckers are all eligible provided the owner resides in the dwelling.

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The Homestead exemption form, on the link above, says only that you must own your residence, reside in it year round, and be a resident of Providence, and the exemption is 50% which is up from 1/3 last year. It doesn't say anything about multi units, but if you own it, then it sounds like it would count for the total value of your property.

From the depths of our forum comes this thread - and I have a question...

Is this something you must file every year or must you file only once when you move in? I knew about the 1st year thing because I closed on the 3rd of January and consequently missed out on a year of the benefits. The seller blew off the closing on the 31st claiming he had a family emergency (it was to his advantage to report the income from the sale in the new year). :angry: I didn't wish him a Happy New Year.

The 2006 Form

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From the depths of our forum comes this thread - and I have a question...

Is this something you must file every year or must you file only once when you move in? I knew about the 1st year thing because I closed on the 3rd of January and consequently missed out on a year of the benefits. The seller blew off the closing on the 31st claiming he had a family emergency (it was to his advantage to report the income from the sale in the new year). :angry: I didn't wish him a Happy New Year.

The 2006 Form

You only have to file the homestead exemption once. Sounds like the seller was quite a weasel.

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