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Homestead Exemption Will Be Phased Out

The budget commission approved ordinances that phase out pre-pay tax discounts.

Proposed phase-outs of the pre-pay property tax program and the Homestead Exemption officially became city ordinances when the East Providence Budget Commission unanimously approved both measures at its meeting last Thursday, according to reports from East Bay Newspapers.

The pre-pay tax discount will be discontinued over a period of three years, dropping in percentage from two to 1.5 and one before phasing out by fiscal year 2015, reads the report.

The Homestead Exemption is scheduled to phased out over a 15-year period beginning this fiscal year, eventually ending completely by FY2026, reads the report.

Click here to read public documents provided by the budget commission.

 

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