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2013 -- S 0823 | |
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LC01926 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2013 | |
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A N A C T | |
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RELATING TO LEVY AND ASSESSMENT OF TAXES | |
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Introduced By: Senators Ciccone, Gallo, and Doyle | |
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Date Introduced: April 04, 2013 | |
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Referred To: Senate Finance | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Section 44-5-13.11 of the General Laws in Chapter 44-5 entitled "Levy and |
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Assessment of Local Taxes" is hereby amended to read as follows: |
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44-5-13.11. Qualifying low-income housing -- Assessment and taxation. -- Any |
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residential property that has been issued an occupancy permit on or after January 1, 1995, after |
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substantial rehabilitation as defined by the U.S. Department of Housing and Urban Development |
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and is encumbered by a covenant recorded in the land records in favor of a governmental unit or |
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Rhode Island housing and mortgage finance corporation restricting either or both the rents that |
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may be charged to tenants of the property or the incomes of the occupants of the property, is |
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subject to a tax that equals eight percent (8%) of the property's previous years' gross scheduled |
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rental income or a lesser percentage as determined by each municipality. Every existing |
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qualifying applicant or new applicant may be required by the local tax assessor to reapply for |
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qualification as of December 31 for each property that had previously qualified and the assessor |
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shall approve or disapprove the application based upon the criteria of this section. |
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SECTION 2. This act shall take effect upon passage. |
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LC01926 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO LEVY AND ASSESSMENT OF TAXES | |
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This act would affirm that tax assessors of the state are authorized to require |
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requalification for the tax benefit or other low income housing. |
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This act would take effect upon passage. |
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LC01926 | |
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