Chapter 281
2010 -- H 8199
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. Section 44-3-31.2 of the General Laws in Chapter
44-3 entitled "Property
Subject to Taxation"
is hereby amended to read as follows:
44-3-31.2.
properties. -- (a)
The city of
designated properties on the landmark list as part of the mill
restoration program and in the arts
and entertainment district in the city of
(b) Upon enactment
[June 14, 2002] property taxes levied on eligible properties as of
December 31, 2000, shall reflect adapted tax
considerations. Owners of eligible properties are
required to begin renovations by December 31, 2005, 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
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 that may be
occupied of the building, 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
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.
(h) The term of any
special property tax consideration previously approved under this
section that is still in effect upon the effective date of
this section shall, notwithstanding any
provision therein to the contrary, be extended for five (5)
years.
SECTION 2. This act shall take effect upon passage.
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LC02714
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