Rhode Island General Laws 44-33.5-3. Ownership
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The taxpayer or taxpayers applying for the senior resident property tax service credit program must be the owner of or have a life estate interest in the respective real estate to which the credit will apply. If the property is held in trust, the beneficiary or beneficiaries of the trust must be the taxpayer or taxpayers applying for the senior resident property tax service credit program.
History of Section.
P.L. 2008, ch. 285, § 1; P.L. 2008, ch. 361, § 1.
Terms Used In Rhode Island General Laws 44-33.5-3
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10