2024-13 An Ordinance in Amendment to the Town Code of the Town of Middletown, Title III Administration, Chapter 34 Taxes, Section 34.02, Exemption on Residential Property.

ORDINANCE OF THE

TOWN OF MIDDLETOWN, RHODE ISLAND

An ordinance in amendment to the Town Code of the Town of Middletown, Title III,
Administration, Chapter 34 Taxes, Section 34.02, Exemption on Residential Property.

NOW THEREFORE BE IT ORDAINED AS FOLLOWS:

(Additions are underlined; deletions are stricken)

TAX EXEMPTION AT AGE 65

§ 34.02 EXEMPTION ON RESIDENTIAL PROPERTY.

(A) The Town Council grants to every person who is a citizen and resident of the
town of the age of 65 or more years and residing in the town in a dwelling house owned
by him/her, which is a constituent part of his/her real property, on proper claim being
made therefor, a tax exemption on the following basis:

(1) An amount not to exceed $47,800-69,300 of the assessed valuation of such
real property for any such person, regardless of the amount of such person's income;

(2) An amount not to exceed $140,800-204,400 of the assessed valuation of such
real property for any such person having an annual income of $27,70028,499 or less;

(3) An amount not to exceed $109,900-159,500 of the assessed valuation of such
real property for any such person having an annual income of $27,70128,500 or more
but less than or equal to $32,30033,299;

(4) An amount not to exceed $78,900-114,530 of the assessed valuation of such
real property for any such person having an annual income of $32,30133,300 or more
but less than or equal to $59,20061,299; and

(5) Income levels shall increase yearly based upon the Consumer Price Index,
which shall be calculated utilizing the average of U.S. city average; Northeast Region;
and the New England division

(2) An amount not to exceed $155,100,225.100 of the assessed valuation of such real property for any such person having an annual income of less than $27,700,28.499;

(3) An amount not to exceed $120,900,175.500 of the assessed valuation of such real property for any such person having an annual income of $27,701,28.500 or more but less than or equal to $32,300,33.299;

(4) An amount not to exceed $86,800,125.900 of the assessed valuation of such real property for any such person having an annual income of $32,301,33.300 or more but less than or equal to $59,200,61.299; and

(5) Income levels shall increase yearly based upon the Consumer Price Index, which shall be calculated utilizing the average of: U.S. city average; Northeast Region; and the New England division figures of September of each calendar year.

(C) Hold harmless provision. In the year of implementation of any amendment restructuring the number of income tiers set forth in § 34.02 hereof, the tax assessor shall identify all eligible taxpayers that currently receive an exemption under this chapter and who are negatively impacted by such re-structuring. In the event of a decrease in the amount of the exemption which such taxpayer would otherwise have received but for said restructuring, the tax assessor shall place the taxpayer into the closest income tier that does not result in a loss in the amount of the exemption. Provided that they remain eligible for an exemption under the terms of this chapter and barring any increase in income, such taxpayer(s) shall be entitled to remain in said tier.

(73 Code, § 24-2) (Ord. passed 7-7-82, Am. Ord. passed 10-15-90, Am. Ord. passed 8-25-94, Am. Ord. passed 12-7-98, Am. Ord. passed 1-19-99, Am.