2014 -- H 7281 | |
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LC003476 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2014 | |
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A N A C T | |
RELATING TO TAXATION - COOPERATIVE HOUSING CORPORATIONS | |
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Introduced By: Representatives Fox, Ajello, Almeida, Williams, and Slater | |
Date Introduced: January 30, 2014 | |
Referred To: House Municipal Government | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Chapter 44-5 of the General Laws entitled "Levy and Assessment of Local |
2 | Taxes" is hereby amended by adding thereto the following section: |
3 | 44-5-77.1. Providence - Cooperative housing corporation - Tax rates. – (a) |
4 | Notwithstanding any provision of the general or public laws to the contrary, the property tax rate |
5 | applicable to any real property in the city of Providence owned by an entity organized as a |
6 | cooperative housing corporation within the meaning of chapter 6.1 of title 7 shall be as follows: |
7 | With respect to any owner-occupied dwelling units in such real property, the rate shall |
8 | be: |
9 | (1) For taxes assessed on units owned on December 31, 2013, one hundred fifteen percent |
10 | (115%) of the rate applicable to residential, owner-occupied properties in the city; |
11 | (2) For taxes assessed on units owned on December 31, 2014, one hundred seven and |
12 | one-half percent (107.5%) of the rate applicable to residential, owner-occupied properties in the |
13 | city; and |
14 | (3) For taxes assessed on units owned on December 31, 2015, and for every tax |
15 | assessment made thereafter, one hundred percent (100%) of the rate applicable to residential, |
16 | owner-occupied properties in the city. |
17 | (b) With respect to any non-owner-occupied dwelling units in such real property, the rate |
18 | applied in every assessment shall be the rate applicable to residential, non-owner-occupied |
19 | properties in the city. |
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1 | SECTION 2. This act shall take effect upon passage and shall apply retroactively to |
2 | December 31, 2013. |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TAXATION - COOPERATIVE HOUSING CORPORATIONS | |
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1 | This act would change the formula for assessing owner-occupied units in cooperative |
2 | housing corporations within the city of Providence. |
3 | This act would take effect upon passage and apply retroactively to December 31, 2013. |
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