§ 44-3-31.2 Providence – Specialproperty tax consideration for designated properties. – (a) The city of Providence may, by ordinance, provide special tax considerationfor designated properties on the landmark list as part of the mill restorationprogram and in the arts and entertainment district in the city of Providence.
(b) Upon enactment [June 14, 2002] property taxeslevied on eligible properties as of December 31, 2000, shall reflect adaptedtax considerations. Owners of eligible properties are required to beginrenovations by December 31, 2005, in order to qualify for continued taxconsiderations. Properties that fail to meet this deadline will be requiredretroactively to pay the difference between their actual tax payments and whatthey would have paid, if ineligible, for the specified tax considerations.
(c) Eligible properties shall be taxable properties locatedon the landmark list approved by ordinance in the city of Providence, and shallbe eligible if certified by the city building inspector as in need ofsubstantial rehabilitation.
(d) Tax benefits for eligible properties shall betransferable to new owners or tenants, but the life of the tax considerationshall not be extended.
(e) "Substantial rehabilitation" means rehabilitation thatadheres to the applicable building and fire codes, extends to all floors thatmay be occupied of the building, and equals at least fifty percent (50%) of thecurrent replacement value of the structure, as certified by the city buildinginspector.
(f) Nothing in this section shall be construed to diminishthe authority of any body to review and approve the construction plans foroverall appearance or historical preservation standards.
(g) During the period of eligibility, the city of Providenceshall also be authorized to use special consideration in taxing tangibleproperty located in businesses in eligible properties. For the ten (10) yearperiod, the rate of thirty-three dollars and forty-four cents ($33.44) shall beapplied annually to tangible property value, as it is determined and may changefrom year to year. This consideration shall apply to all taxable businessesoccupying eligible properties during the period of eligibility, regardless ofwhen they first occupied the property.
§ 44-3-31.2 Providence – Specialproperty tax consideration for designated properties. – (a) The city of Providence may, by ordinance, provide special tax considerationfor designated properties on the landmark list as part of the mill restorationprogram and in the arts and entertainment district in the city of Providence.
(b) Upon enactment [June 14, 2002] property taxeslevied on eligible properties as of December 31, 2000, shall reflect adaptedtax considerations. Owners of eligible properties are required to beginrenovations by December 31, 2005, in order to qualify for continued taxconsiderations. Properties that fail to meet this deadline will be requiredretroactively to pay the difference between their actual tax payments and whatthey would have paid, if ineligible, for the specified tax considerations.
(c) Eligible properties shall be taxable properties locatedon the landmark list approved by ordinance in the city of Providence, and shallbe eligible if certified by the city building inspector as in need ofsubstantial rehabilitation.
(d) Tax benefits for eligible properties shall betransferable to new owners or tenants, but the life of the tax considerationshall not be extended.
(e) "Substantial rehabilitation" means rehabilitation thatadheres to the applicable building and fire codes, extends to all floors thatmay be occupied of the building, and equals at least fifty percent (50%) of thecurrent replacement value of the structure, as certified by the city buildinginspector.
(f) Nothing in this section shall be construed to diminishthe authority of any body to review and approve the construction plans foroverall appearance or historical preservation standards.
(g) During the period of eligibility, the city of Providenceshall also be authorized to use special consideration in taxing tangibleproperty located in businesses in eligible properties. For the ten (10) yearperiod, the rate of thirty-three dollars and forty-four cents ($33.44) shall beapplied annually to tangible property value, as it is determined and may changefrom year to year. This consideration shall apply to all taxable businessesoccupying eligible properties during the period of eligibility, regardless ofwhen they first occupied the property.
§ 44-3-31.2 Providence – Specialproperty tax consideration for designated properties. – (a) The city of Providence may, by ordinance, provide special tax considerationfor designated properties on the landmark list as part of the mill restorationprogram and in the arts and entertainment district in the city of Providence.
(b) Upon enactment [June 14, 2002] property taxeslevied on eligible properties as of December 31, 2000, shall reflect adaptedtax considerations. Owners of eligible properties are required to beginrenovations by December 31, 2005, in order to qualify for continued taxconsiderations. Properties that fail to meet this deadline will be requiredretroactively to pay the difference between their actual tax payments and whatthey would have paid, if ineligible, for the specified tax considerations.
(c) Eligible properties shall be taxable properties locatedon the landmark list approved by ordinance in the city of Providence, and shallbe eligible if certified by the city building inspector as in need ofsubstantial rehabilitation.
(d) Tax benefits for eligible properties shall betransferable to new owners or tenants, but the life of the tax considerationshall not be extended.
(e) "Substantial rehabilitation" means rehabilitation thatadheres to the applicable building and fire codes, extends to all floors thatmay be occupied of the building, and equals at least fifty percent (50%) of thecurrent replacement value of the structure, as certified by the city buildinginspector.
(f) Nothing in this section shall be construed to diminishthe authority of any body to review and approve the construction plans foroverall appearance or historical preservation standards.
(g) During the period of eligibility, the city of Providenceshall also be authorized to use special consideration in taxing tangibleproperty located in businesses in eligible properties. For the ten (10) yearperiod, the rate of thirty-three dollars and forty-four cents ($33.44) shall beapplied annually to tangible property value, as it is determined and may changefrom year to year. This consideration shall apply to all taxable businessesoccupying eligible properties during the period of eligibility, regardless ofwhen they first occupied the property.
