It is enacted by the General Assembly as follows:

SECTION 1. Section 44-5-13.3 of the General Laws in Chapter 44-5 entitled "Levy and Assessment of Local Taxes" is hereby amended to read as follows:

{ADD44-5-13.3. Reduction in assessed value of real estate upon removal of damaged buildings. -- ADD} Whenever a building is so damaged as to require total reconstruction before it may be used for any purpose related to its use prior to such damage and following which, the owner provides for complete demolition of such building with the material from demolition being removed from the parcel of real property on which the building was situated or used as fill on such parcel for purposes of grading, such parcel shall be assessed for purposes of property tax as of the date such demolition, removal and grading are completed, to the satisfaction of the building inspector and such assessment shall reflect a determination of the assessed value of such parcel, exclusive of the assessment value of the building so damaged, demolished and removed. The adjusted assessment shall be applicable with respect to such parcel from the date demolition, removal and grading are completed, as determined by said building inspector, until the thirty first (31) day of December next succeeding and the amount of property tax payable with respect to such parcel for the assessment year in which demolition, removal and grading are completed shall be adjusted accordingly in such manner as determined by the assessor. The preceding shall not be applicable in the event of natural disasters such as, but not limited to, erosion or demolition resulting from floods or hurricanes. This section shall only apply to assessments and taxes in the town of South Kingstown {DELand DEL} {ADD,ADD} the town of West Warwick{DEL.DEL} {ADDand the town of Barrington. ADD}

SECTION 2. This act shall take effect upon passage.