TITLE 44
Taxation
CHAPTER 44-4.1
Historic Residence Tax Credit
SECTION 44-4.1-3
§ 44-4.1-3 Property tax reduction.
(a) Each city or town may, by ordinance, provide up to twenty percent (20%)
reduction in property tax liability for a period of up to five (5) years to an
owner of a historic residence who incurs substantial maintenance or
rehabilitation costs; provided, however, that
(b) Warren. The town council of the town of Warren
may, by ordinance, increase the time period for the reduction in property tax
liability up to nine (9) years to an owner of an historic residence who incurs
substantial maintenance or rehabilitation costs and to the owner of a historic
commercial structure, with a value not to exceed one million dollars
($1,000,000) who incurs substantial maintenance or rehabilitation costs for the
building's exterior or structural features.
(c) The town or city may elect to provide the reduction to
any contributing property listed on the state register of historic places, or
to any property covered by chapter 24.1 of title 45, or to both. Each city or
town shall establish a minimum dollar amount above which an owner must spend in
order to qualify for the property tax reduction.
History of Section.
(P.L. 1988, ch. 549, § 1; P.L. 2000, ch. 47, § 1; P.L. 2000, ch. 92,
§ 1; P.L. 2006, ch. 302, § 1; P.L. 2006, ch. 478, § 1.)