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 issued an occupancy permit on or after January 1, 1995, must have at least 40% of its rental dwelling units affordable to households at or below 80% of the statewide area median income, or at least 30% affordable to households at or below 60% of the statewide area median income. Properties meeting these criteria will be subject to a tax of 8% of the previous year's gross scheduled rental income, or a lesser percentage determined by the municipality.

Additionally, the bill specifies that for properties approved by the tax assessor for tax treatment under this section as of July 1, 2026, the manner in which the tax assessor has previously applied this section shall not be further extended. This act will take effect upon passage.

Statutes affected:
8017: 44-5-13.11