Chapter 278
2010 -- S 2980 SUBSTITUTE A
Enacted 06/25/10
A N A C T
RELATING TO
TAXATION -- PROPERTY SUBJECT TO TAXATION
Introduced By: Senator Maryellen Goodwin
Date Introduced: June 04, 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.
designated properties. -- (a) The city of
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
(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
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
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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LC02863/SUB A
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