Chapter
117
2008 -- S 2371 SUBSTITUTE A
Enacted 06/30/08
A N A C T
RELATING TO TAXATION
-- REAL ESTATE
Introduced By: Senator John C. Revens
Date Introduced: February 12, 2008
It is
enacted by the General Assembly as follows:
SECTION
1. Section 44-5-67.3 of the General Laws in Chapter 44-5 entitled "Levy
and
Assessment
of Local Taxes" is hereby amended to read as follows:
44-5-67.3.
Warwick -- Reduction in assessed value of real estate upon removal of
damaged
buildings. Warwick --
Reduction in assessed value of real estate upon demolition
of
buildings. -- (a) Whenever a
building is demolished and the refuse is removed from the
property,
the tax assessor shall reassess the property to reflect removal of the
building, and the
new
assessment shall be effective as of the date the building official confirms
that the demolition
is
complete. damaged as to require
total reconstruction before it may be used for any purpose
related
to its use prior to the damage and
following which, the owner provides for complete
demolition
of the building with the material from demolition being removed from the parcel
of
real
property on which the building was situated or used as fill on the parcel for
purposes of
grading,
the parcel shall be assessed for purposes of property tax as of the date the
demolition,
removal,
and grading are completed to the satisfaction of the building inspector, and
the
assessment
shall reflect a determination of the assessed value of the parcel, exclusive of
the
assessment
value of the building so damaged, demolished, and removed.
(b) The adjusted assessment is applicable with respect to the parcel from the
date
demolition,
removal, and grading are completed, as determined by the building inspector,
until
the
thirty-first (31st) day of December next succeeding. and the amount
of property tax payable
with
respect to the parcel for the assessment year in which demolition, removal, and
grading are
completed
is adjusted accordingly in the manner determined by the assessor.
(c) This section is not applicable in the event of natural disasters such as,
but not limited
to,
erosion or demolition resulting from floods or hurricanes.
(d) This section applies only to assessments and taxes in the city of Warwick.
SECTION
2. This act shall take effect upon passage.
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LC01831/SUB A
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