So called "circuit breaker" programs are designed to provide relief to older home owners who need it most – those who are lower and moderate income. AARP testified April 15 on a Senate bill introduced by Sen. Cynthia Coyne.
Real estate values in Rhode Island have skyrocketed recently, and future assessments will likely lead to higher property taxes. Increasing the circuit breakers maximum threshold to $40,000 and its maximum credit to $750 would both put Rhode Island’s credit on par with neighboring states. This would help ensure that older Rhode Islanders can continue to age in their own homes and communities among family and friends, rather than being forced into congregated living as a result of increasing taxes.
Read testimony by AARP's Matt Netto to better understand why this legislation is so important.
This story is provided by AARP Rhode Island. Visit the AARP Rhode Island page for more news, events, and programs affecting retirement, health care, and more.
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