Chapter 081
2013 -- S 0203
Enacted 06/12/13
A N A C T
RELATING TO
TAXATION-LEVY AND ASSESSMENT OF
Introduced By: Senator Elizabeth A. Crowley
Date Introduced: February 06, 2013
It is enacted by the
General Assembly as follows:
SECTION 1. Section 44-5-12 of the General Laws in Chapter
44-5 entitled "Levy and
Assessment of Local
Taxes" is hereby amended to read as follows:
44-5-12.
Assessment at full and fair cash value. -- (a) All real property subject to
taxation shall be assessed at its full and fair cash value, or
at a uniform percentage of its value,
not to exceed one hundred percent (100%), to be
determined by the assessors in each town or
city; provided, that:
(1) Any residential
property encumbered by a covenant recorded in the land records in
favor of a governmental unit or
restricting either or both the rents that may be charged or the
incomes of the occupants shall be
assessed and taxed in accordance with section 44-5-13.11;
(2) In assessing real
estate which is classified as farm land, forest, or open space land in
accordance with chapter 27 of this title the assessors shall
consider no factors in determining the
full and fair cash value of the real estate other than
those which relate to that use without regard
to neighborhood land use of a more intensive nature;
(3)
ordinance, that the owner of any dwelling of one to three (3)
family units in the city of
who makes any improvements or additions on his or her
principal place of residence in the
amount up to fifteen thousand dollars ($15,000), as may be
determined by the tax assessor of the
city of
until the next general citywide reevaluation of property
values by the tax assessor. For the
purposes of this section, "residence" is defined as
voting address. This exemption does not apply
to any commercial structure. The property owner shall
supply all necessary plans to the building
official for the improvements or addition and shall pay all requisite
building and other permitting
fees as now are required by law; and
(4)
by ordinance, that the owner of any dwelling of one to
eight (8) units who makes any
improvements or additions to his or her residential or rental
property in an amount not to exceed
twenty thousand dollars ($20,000) twenty-five thousand dollars ($25,000) as
determined by the
tax assessor of the city of
improvement or addition until the next general citywide
reevaluation of property values by the tax
assessor. The property owner shall supply all necessary plans
to the building official for the
improvements or additions and shall pay all requisite building and
other permitting fees as are
now required by law.
(5) Tangible property
shall be assessed according to the asset classification table as
defined in section 44-5-12.1.
(b) Municipalities
shall make available to every land owner whose property is taxed
under the provisions of this section a document which may
be signed before a notary public
containing language to the effect that they are aware of the
additional taxes imposed by the
provisions of section 44-5-39 in the event that they use land
classified as farm, forest, or open
space land for another purpose.
(c) Pursuant to the
provisions of section 44-3-29.1, all wholesale and retail inventory
subject to taxation is assessed at its full and fair cash
value, or at a uniform percentage of its
value, not to exceed one hundred percent (100%), for fiscal
year 1999, by the assessors in each
town and city. Once the fiscal year 1999 value of the
inventory has been assessed, this value shall
not increase. The phase-out rate schedule established in
section 44-3-29.1(d) applies to this fixed
value in each year of the phase-out.
SECTION 2. This act shall take effect upon passage.
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LC00385
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