Chapter 030

2014 – S 2316

Enacted 05/02/14

A N   A C T

RELATING TO TAXATION - COOPERATIVE HOUSING CORPORATIONS

Introduced By: Senators Goldin, Miller, and Goodwin

Date Introduced: February 12, 2014

 

It is enacted by the General Assembly as follows:

 

SECTION 1. Chapter 44-5 of the General Laws entitled "Levy and Assessment of Local Taxes" is hereby amended by adding thereto the following section:

44-5-77.1. Providence - Cooperative housing corporation - Tax rates. – (a) Notwithstanding any provision of the general or public laws to the contrary, the property tax rate applicable to any real property in the city of Providence owned by an entity organized as a cooperative housing corporation within the meaning of chapter 7-6.1  6.1 of title 7 shall be as follows:

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

(1) For taxes assessed on units owned on December 31, 2013, one hundred fifteen percent (115%) of the rate applicable to residential, owner-occupied properties in the city;

(2) For taxes assessed on units owned on December 31, 2014, one hundred seven and one-half percent (107.5%) of the rate applicable to residential,  owner-occupied properties in the city; and

(3) For taxes assessed on units owned on December 31, 2015, and for every tax assessment made thereafter, one hundred percent (100%) of the rate applicable to residential, owner-occupied properties in the city.

(b) With respect to any non-owner-occupied dwelling units in such real property, the rate applied in every assessment shall be the rate applicable to residential, non-owner-occupied properties in the city.

SECTION 2. This act shall take effect upon passage and shall apply retroactively to December 31, 2013.

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LC004119
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