2012 -- S 2967

=======

LC02642

=======

STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2012

____________

A N A C T

RELATING TO TAXATION-LEVY AND ASSESSMENT OF LOCAL TAXES-CENTRAL

FALLS

     

     

     Introduced By: Senator Elizabeth A. Crowley

     Date Introduced: May 17, 2012

     Referred To: Senate Finance

It is enacted by the General Assembly as follows:

1-1

     SECTION 1. Section 44-5-12 of the General Laws in Chapter 44-5 entitled "Levy and

1-2

Assessment of Local Taxes" is hereby amended to read as follows:

1-3

     44-5-12. Assessment at full and fair cash value. -- (a) All real property subject to

1-4

taxation shall be assessed at its full and fair cash value, or at a uniform percentage of its value,

1-5

not to exceed one hundred percent (100%), to be determined by the assessors in each town or

1-6

city; provided, that:

1-7

      (1) Any residential property encumbered by a covenant recorded in the land records in

1-8

favor of a governmental unit or Rhode Island housing and mortgage finance corporation

1-9

restricting either or both the rents that may be charged or the incomes of the occupants shall be

1-10

assessed and taxed in accordance with section 44-5-13.11;

1-11

      (2) In assessing real estate which is classified as farm land, forest, or open space land in

1-12

accordance with chapter 27 of this title the assessors shall consider no factors in determining the

1-13

full and fair cash value of the real estate other than those which relate to that use without regard

1-14

to neighborhood land use of a more intensive nature;

1-15

      (3) Warwick. - The city council of the city of Warwick is authorized to provide, by

1-16

ordinance, that the owner of any dwelling of one to three (3) family units in the city of Warwick

1-17

who makes any improvements or additions on his or her principal place of residence in the

1-18

amount up to fifteen thousand dollars ($15,000), as may be determined by the tax assessor of the

1-19

city of Warwick, is exempt from reassessment of property taxes on the improvement or addition

2-1

until the next general citywide reevaluation of property values by the tax assessor. For the

2-2

purposes of this section, "residence" is defined as voting address. This exemption does not apply

2-3

to any commercial structure. The property owner shall supply all necessary plans to the building

2-4

official for the improvements or addition and shall pay all requisite building and other permitting

2-5

fees as now are required by law; and

2-6

      (4) Central Falls. - The city council of the city of Central Falls is authorized to provide,

2-7

by ordinance, that the owner of any dwelling of one to eight (8) units who makes any

2-8

improvements or additions to his or her residential or rental property in an amount not to exceed

2-9

twenty thousand dollars ($20,000) twenty-five thousand dollars ($25,000) as determined by the

2-10

tax assessor of the city of Central Falls is exempt from reassessment of property taxes on the

2-11

improvement or addition until the next general citywide reevaluation of property values by the tax

2-12

assessor. The property owner shall supply all necessary plans to the building official for the

2-13

improvements or additions and shall pay all requisite building and other permitting fees as are

2-14

now required by law.

2-15

      (5) Tangible property shall be assessed according to the asset classification table as

2-16

defined in section 44-5-12.1.

2-17

      (b) Municipalities shall make available to every land owner whose property is taxed

2-18

under the provisions of this section a document which may be signed before a notary public

2-19

containing language to the effect that they are aware of the additional taxes imposed by the

2-20

provisions of section 44-5-39 in the event that they use land classified as farm, forest, or open

2-21

space land for another purpose.

2-22

      (c) Pursuant to the provisions of section 44-3-29.1, all wholesale and retail inventory

2-23

subject to taxation is assessed at its full and fair cash value, or at a uniform percentage of its

2-24

value, not to exceed one hundred percent (100%), for fiscal year 1999, by the assessors in each

2-25

town and city. Once the fiscal year 1999 value of the inventory has been assessed, this value shall

2-26

not increase. The phase-out rate schedule established in section 44-3-29.1(d) applies to this fixed

2-27

value in each year of the phase-out.

2-28

     SECTION 2. This act shall take effect upon passage.

     

=======

LC02642

=======

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO TAXATION-LEVY AND ASSESSMENT OF LOCAL TAXES-CENTRAL

FALLS

***

3-1

     This act would authorize the city council of the city of Central Falls to provide, by

3-2

ordinance, that the owners of certain property, who make improvements or additions to

3-3

residential or rental property in an amount not to exceed twenty-five thousand dollars ($25,000)

3-4

be exempt from reassessment of property taxes on the improvement or addition until the next

3-5

general citywide reevaluation of property values by the tax assessor.

3-6

     This act would take effect upon passage.

     

=======

LC02642

=======

S2967