Rhode Island General Laws
Chapter 44-3 - Property Subject to Taxation
Section 44-3-31.2. - Providence — Special property tax consideration for designated properties.

§ 44-3-31.2. Providence — Special property tax consideration for designated properties.
(a) The city of Providence may, by ordinance, provide special tax 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 Providence.
(b) Upon enactment [June 14, 2002] property taxes levied on eligible properties as of December 31, 2000, shall reflect adapted tax considerations. Owners of eligible properties are required to begin renovations by December 31, 2005, 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 Providence, and shall be eligible if certified by the city building 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 that may be occupied of the building, 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 Providence shall also be authorized to use 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.
(h) The term of any special property tax consideration previously approved under this section that is still in effect upon the effective date of this section shall, notwithstanding any provision therein to the contrary, be extended for five (5) years.
History of Section.P.L. 2002, ch. 103, § 2; P.L. 2004, ch. 6, § 36; P.L. 2010, ch. 269, § 1; P.L. 2010, ch. 281, § 1.

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