The bill amends Section 44-5-13.11 of the General Laws in Chapter 44-5, which is titled "Levy and Assessment of Local Taxes." The amendment introduces a new section, 44-5-13.11, titled "Qualifying low-income housing — Assessment and taxation." It specifies that residential properties issued an occupancy permit on or after January 1, 1995, which have undergone substantial rehabilitation and are restricted by a covenant in terms of rent charges or occupant incomes, will be taxed at eight percent of the previous year's gross scheduled rental income or a lesser percentage as determined by each municipality.

Additionally, the bill includes a provision specifically for the city of Woonsocket. It states that if Woonsocket has achieved the goal of having ten percent of its housing stock classified as affordable, it is not required to accept any additional residential properties that would otherwise be eligible for the alternative assessment and taxation relief provided by the newly inserted subsection (a). The act will take effect upon passage. The explanation by the Legislative Council clarifies that this act aims to exempt the city of Woonsocket from the requirement to accept additional residential properties for alternative tax assessment due to meeting the ten percent affordable housing requirement.

Statutes affected:
1107: 44-5-13.11