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Exeter council adopts changes to Chapter 42 tax exemptions after state reassessment shift
Summary
Exeter’s council accepted amendments to Chapter 42, Article 9, removing a local exemption for modest‑income housing owners after state law shifted assessments from market value to sales price; town staff and council discussed a fiscal trade‑off and the change’s projected cost implications.
Exeter’s Town Council voted to accept proposed amendments to the town code that would remove a local tax exemption for owners of modest‑income housing after the state changed how residential property is assessed.
Town staff explained the state has moved from market‑value assessments toward taxing based on purchase price and limited appreciation rules. “The state of Rhode Island now requires ... sales price versus market value,” an assessor summarized, adding the change will reduce assessed values for many long‑held properties and reduce the need for a local rebate program.
Council members and staff said the town currently spends about $20,000 a year on the local $1,000 rebate for qualifying households; staff and one councilor estimated that under the new state assessment approach, making the benefit broadly available to all qualifying low‑ and moderate‑income properties would cost the town substantially more (a figure discussed in the meeting was approximately $130,000). Councilor commentary emphasized the need to track state policy and seek adjustments if inequities appear over time.
After the hearing, the council closed the public hearing and voted to accept the proposed amendments to Chapter 42 (taxation), Article 9. The motion passed by voice vote; individual roll‑call tallies were not read into the record.
The meeting record shows staff will send affected property owners notice once forms are issued, and council flagged future communications from the assessor’s office to answer property‑owner questions. The council also discussed that any future state‑level fixes or adjustments might require town follow‑up and potential legislative advocacy.
