Rhode Island Governor Signs Law Establishing Statewide Property Tax Exemption on Tangible Personal Property

The Rhode Island Governor June 24 signed a law establishing a statewide tangible property tax exemption. The law includes measures: 1) authorizing a city, town, or fire district to provide an exemption of $50,000 on tangible personal property applicable to the assessment date of Dec. 31 and for each assessment date thereafter; 2) providing that individual personal exemptions granted to tangible property taxpayers at the time of the effective date of this law shall be applied to assessed values prior to applying the exemption; 3) providing that exemptions existing and uniformly applied to all tangible property taxpayers in any city, ...