Authorizes the town of Johnston to grant a tax credit to any person over the age of sixty-five (65) years.
Impact
By allowing the town council of Johnston to exempt certain senior residents from property taxes, H7111 seeks to alleviate some of the financial burdens faced by elderly homeowners. This could encourage seniors to remain in their homes and contribute to the local community, fostering a sense of stability. The introduction of this tax credit could also set a precedent for similar measures in other municipalities, inspiring a more widespread approach to supporting elderly populations across the state.
Summary
House Bill 7111 is a legislative proposal aimed at providing a property tax credit for residents of the town of Johnston who are sixty-five years of age or older. The bill stipulates that qualified residents will receive a tax credit starting at eight hundred dollars for the fiscal year 2025, increasing to nine hundred dollars in fiscal year 2026 and one thousand dollars for fiscal year 2027 and thereafter. This measure is intended to provide financial relief to elderly homeowners within the community, recognizing their unique financial situations as they age.
Contention
However, the bill may also raise concerns regarding its fiscal implications for the town of Johnston and how such exemptions could affect overall local revenues. Critics may argue that while the tax relief is beneficial for seniors, it places additional financial strain on the town budget and could necessitate cuts to other vital local services or modifications to municipal funding strategies. Balancing the needs of elderly constituents with the financial health of the town remains a key point of contention among stakeholders.
Provides a tax exemption to residents of the Town of Bristol who are over the age of sixty-five (65) years and who have continuously owned and resided in their primary residence in the town for at least twenty (20) years.
Provides a tax exemption to residents of the Town of Bristol who are over the age of sixty-five (65) years and who have continuously owned and resided in their primary residence in the town for at least twenty (20) years.