The bill amends Section 44-5-13.11 of the General Laws regarding the assessment and taxation of qualifying low-income housing. It establishes that any residential property that has been issued an occupancy permit on or after January 1, 1995, and is subject to a covenant that restricts rents or occupant incomes, will be taxed at eight percent of the previous year's gross scheduled rental income, or a lesser percentage determined by the municipality.

Additionally, the bill introduces a provision that exempts any city or town whose low- or moderate-income housing units exceed the ten percent (10%) threshold outlined under chapter 53 of title 45 ("low and moderate income housing") from this tax for any properties that have been issued an occupancy permit after December 31, 2024. Furthermore, it allows local city or town councils to opt out of this exemption by passing a resolution.

This act aims to provide financial relief to certain municipalities that meet the specified criteria, thereby encouraging the development of low- and moderate-income housing. The bill will take effect upon passage.

Statutes affected:
5697: 44-5-13.11