The bill amends Section 44-5-13.11 of the General Laws concerning the assessment and taxation of qualifying affordable housing. It establishes that no city or town shall have the authority to tax properties qualifying for this section at a rate higher than specified within the bill. The bill outlines specific criteria for residential properties to qualify for an 8% tax rate based on their occupancy permits and the percentage of units encumbered by covenants favoring governmental units or housing finance corporations.

It introduces a tiered tax structure for properties converted from non-residential uses, with a fixed percentage of the prior year's gross scheduled rental income for a period of thirty years, detailing specific requirements for compliance with labor and contracting standards.

Additionally, the bill stipulates that properties taxed under this section must provide annual compliance information to local assessors, including a certified residential rent roll and evidence of non-residential use. Properties that have been taxed under this section by a municipality as of December 31, 2025, shall continue receiving any previously established tax rate or agreement unless the property owner affirmatively rejects the same or until said agreement expires. The act is set to take effect upon passage.

Statutes affected:
8006: 44-5-13.11
8006  SUB A: 44-5-13.11