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§44-4.1-3  Property tax reduction. –


Published: 2015

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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.)