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:

{ADD 44-5-13.2.3. Assessment and taxation of certain improvements to real estate in Warwick. -- ADD} {ADD Notwithstanding any other provisions of this chapter, the owner of any building or dwelling in the city of Warwick consisting of one (1) to three (3) family units, said building also being the owner's principal place of residence, who makes any improvements or additions to said building in an amount not exceeding fifteen thousand dollars ($15,000), as may be determined by the tax assessor of the city of Warwick, shall be exempt from the assessment of property taxes on such improvements or additions until the next general municipal revaluation of property values in 1997. As used herein, the term "residence" shall be defined to mean a voting address. The property owner shall supply all necessary plans to the building official of the city of Warwick for such improvements or addition and shall pay all requisite building and other permit fees as are then required by law.

The provisions of this section shall not apply to any commercial building or structure. ADD}

SECTION 2.This act shall take effect upon passage.