§ 44-4.2-4. Deferment of taxation.
(a) The city council of Pawtucket may, by ordinance, defer for real estate tax purposes a portion of the full valuation of a housing unit located within a renovated historic industrial mill building having at least twenty-five (25) new housing units as follows:
(1) In the first year after purchase of a housing unit, the Pawtucket tax assessor shall reduce the valuation of the housing unit for real estate tax purposes by two-thirds (⅔).
(2) In the second year after the purchase, the Pawtucket tax assessor shall reduce the total valuation of the housing unit for real estate tax purposes by one-third (⅓). In the subsequent calendar year, the Pawtucket tax assessor will access the housing unit at full valuation.
(b) For historic industrial mill buildings which are converted for residential rental use under this chapter, the Pawtucket city council may authorize the same adjustments to valuations for real estate tax purposes in each instance where an occupant, with a properly executed lease, and whose verified income is less than eighty percent (80%) of the median income for the standard metropolitan statistical area (Pawt./Prov.), is assessed the fair market rent limit as published by the U.S. Department of Housing and Urban Development for the first two (2) years of the lease.
History of Section.P.L. 1989, ch. 132, § 1.