This bill amends Section 44-5-13.11 of the General Laws to state that the city of Woonsocket in Rhode Island is not required to accept additional residential properties for alternative tax assessment if it has already achieved the goal of having ten percent of its housing stock as affordable. The bill also clarifies that any residential property that has been issued an occupancy permit after substantial rehabilitation and is encumbered by a covenant restricting rents or incomes is subject to a tax equal to eight percent of the property's previous year's gross scheduled rental income or a lesser percentage determined by each municipality. The bill will take effect upon passage.
Statutes affected: 1107: 44-5-13.11