The bill amends Section 44-5-13.11 of the General Laws in Chapter 44-5, which pertains to 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 has undergone substantial rehabilitation, will be taxed at a rate of eight percent (8%) of the previous year's gross scheduled rental income, unless a municipality decides to set a lower percentage.

Additionally, the bill introduces a provision that exempts cities or towns whose low- or moderate-income housing units exceed the ten percent (10%) threshold from this tax for any properties that have been issued an occupancy permit after December 31, 2024. Local city or town councils may, by passage of a resolution, elect not to be exempted under this provision.

This act will take effect upon passage.

Statutes affected:
723: 44-5-13.11