Chapter 280

2010 -- H 8200 AS AMENDED

Enacted 06/25/10

 

A N A C T

RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION

 

     Introduced By: Representatives McCauley, Williams, Carnevale, Almeida, and Slater

     Date Introduced: May 27, 2010

 

It is enacted by the General Assembly as follows:

 

     SECTION 1. Chapter 44-3 of the General Laws entitled "Property Subject to Taxation" is

hereby amended by adding thereto the following section:

 

     44-3-31.3. Providence -- Additional special property tax consideration for

designated properties. -- (a) The city of Providence may, by ordinance, provide special tax

consideration for designated properties on the landmark list as part of the mill restoration program

and in the arts and entertainment district in the city of Providence.

     (b) Upon enactment, property taxes levied on eligible properties as of December 31,

2010, shall be in an amount equal to the tax assessed as of December 31, 2000. Owners of

eligible properties are required to begin renovations by December 31, 2015, in order to qualify for

continued tax considerations. Properties that fail to meet this deadline will be required

retroactively to pay the difference between their actual tax payments and what they would have

paid, if ineligible, for the specified tax considerations.

     (c) Eligible properties shall be taxable properties located on the landmark list approved

by ordinance in the city of Providence, and shall be eligible if certified by the city building

inspector as in need of substantial rehabilitation.

     (d) Tax benefits for eligible properties shall be transferable to new owners or tenants, but

the life of the tax consideration shall not be extended.

     (e) "Substantial rehabilitation" means rehabilitation that adheres to the applicable

building and fire codes, extends to all floors of the building that may be occupied, and equals at

least fifty percent (50%) of the current replacement value of the structure, as certified by the city

building inspector.

     (f) Nothing in this section shall be construed to diminish the authority of any body to

review and approve the construction plans for overall appearance or historical preservation

standards.

     (g) During the period of eligibility, the city of Providence shall also be authorized to use

special consideration in taxing tangible property located in businesses in eligible properties. For

the ten (10) year period, the rate of thirty-three dollars and forty-four cents ($33.44) shall be

applied annually to tangible property value, as it is determined and may change from year to year.

This consideration shall apply to all taxable businesses occupying eligible properties during the

period of eligibility, regardless of when they first occupied the property.

 

     SECTION 2. This act shall take effect upon passage.

     

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LC02735

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