§ 44-3-9.1.1 - Woonsocket – Rehabilitation exemption for qualified residential structures in the city.
SECTION 44-3-9.1.1
§ 44-3-9.1.1 Woonsocket –Rehabilitation exemption for qualified residential structures in the city.– (a) The tax assessor of the city of Woonsocket is authorized to grant arehabilitation exemption from taxation for certain qualified residentialstructures. A "qualified residential structure" is defined as a residentialstructure or structures which is or are certified by the building inspectionservices division of the city of Woonsocket as being eligible for exemption.Eligibility for the exemption may be provided if the following conditions aremet:
(i) The property is strictly residential in nature,consisting of three (3) or more units on a single lot, and was acquired by theapplicant at a date subsequent to its being certified as vacant by the buildinginspection services division. The building inspection services division willmaintain a list of vacant properties, which will be updated monthly.
(ii) All permits necessary for the completed renovations,which will make the building(s) meet minimum housing codes must be issued andprovided to the tax assessor from the building inspection services division. Aninspection of the structure by the building inspection services division,including the owner, contractor, electrical contractor, and minimum housinginspector, shall be done prior to the beginning of renovation.
(2) Upon furnishing to the city assessor proof that therequirements of subdivision (1) of this subsection have been met, the assessorshall certify to the applicant, in writing, that the property is eligible.
(b) Upon certification of eligibility, the property shallreceive the following rehabilitation exemption:
(1) For both owner occupied and non-owner occupied, theassessment for the next tax year, hereinafter called "the base year," shall bezero percent (0%) of the previous year's valuation;
(2) If owner occupied, the assessment for the second yearfollowing certification shall be twenty percent (20%) of the base year'svaluation. If non-owner occupied, the assessment for the second year shall befifty percent (50%) of the base year's valuation;
(3) If owner occupied, the assessment for the third yearfollowing certification shall be forty percent (40%) of the base year'svaluation. If non-owner occupied, the assessment for the third year followingcertification shall be one hundred percent (100%) of the base year's valuationplus the value of the improvements added to the original valuation;
(4) If owner occupied, the assessment for the fourth yearfollowing certification shall be sixty percent (60%) of the base year'svaluation;
(5) If owner occupied, the assessment for the fifth yearfollowing certification shall be eighty percent (80%) of the base year'svaluation;
(6) If owner occupied, the assessment for the sixth yearfollowing certification shall be one hundred percent (100%) of the base year'svaluation plus the value of the improvements added to the original valuation.
(c) If the city of Woonsocket implements property revaluationduring the program, the original base year's valuation shall be replaced by thenew assessed valuation with the percentage adjustment made as specified.
(d) The rehabilitation exemption shall not apply to any ofthe following types of properties:
(1) Mixed commercial and residential use;
(2) Commercial and/or industrial use;
(3) Single- and two-family properties;
(4) Properties damaged by fire which are covered by insurance;
(5) Properties boarded or secured to protect mortgagor'sinterest, and not due to disrepair.
(e) The rehabilitation exemption shall cease upon theoccurrence of any one of the following conditions:
(1) Property is sold or title transferred at any time duringthe term of said exemption;
(2) Failure to complete permitted work within a timely manneras determined by the building inspector;
(3) In properties that were owner-occupied, if the ownermoves out of the property, the property's exemption changes to whatever statusit would be if it were in the non-owner occupied status.