2014 -- S 2316

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LC004119

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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

     

     Introduced By: Senators Goldin, Miller, and Goodwin

     Date Introduced: February 12, 2014

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

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     SECTION 1. Chapter 44-5 of the General Laws entitled "Levy and Assessment of Local

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Taxes" is hereby amended by adding thereto the following section:

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     44-5-77.1. Providence - Cooperative housing corporation - Tax rates. – (a)

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Notwithstanding any provision of the general or public laws to the contrary, the property tax rate

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applicable to any real property in the city of Providence owned by an entity organized as a

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cooperative housing corporation within the meaning of chapter 6.1 of title 7 shall be as follows:

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     With respect to any owner-occupied dwelling units in such real property, the rate shall

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be:

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     (1) For taxes assessed on units owned on December 31, 2013, one hundred fifteen percent

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(115%) of the rate applicable to residential, owner-occupied properties in the city;

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     (2) For taxes assessed on units owned on December 31, 2014, one hundred seven and

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one-half percent (107.5%) of the rate applicable to residential, owner-occupied properties in the

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city; and

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     (3) For taxes assessed on units owned on December 31, 2015, and for every tax

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assessment made thereafter, one hundred percent (100%) of the rate applicable to residential,

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owner-occupied properties in the city.

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     (b) With respect to any non-owner-occupied dwelling units in such real property, the rate

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applied in every assessment shall be the rate applicable to residential, non-owner-occupied

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properties in the city.

 

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     SECTION 2. This act shall take effect upon passage and shall apply retroactively to

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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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     This act would change the formula for assessing owner-occupied units in cooperative

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housing corporations within the city of Providence.

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     This act would take effect upon passage and apply retroactively to December 31, 2013.

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