§ 44-4.1-3 - Property tax reduction.
SECTION 44-4.1-3
§ 44-4.1-3 Property tax reduction. –(a) Each city or town may, by ordinance, provide up to twenty percent (20%)reduction in property tax liability for a period of up to five (5) years to anowner of a historic residence who incurs substantial maintenance orrehabilitation costs; provided, however, that
(b) Warren. The town council of the town of Warrenmay, by ordinance, increase the time period for the reduction in property taxliability up to nine (9) years to an owner of an historic residence who incurssubstantial maintenance or rehabilitation costs and to the owner of a historiccommercial structure, with a value not to exceed one million dollars($1,000,000) who incurs substantial maintenance or rehabilitation costs for thebuilding's exterior or structural features.
(c) The town or city may elect to provide the reduction toany contributing property listed on the state register of historic places, orto any property covered by chapter 24.1 of title 45, or to both. Each city ortown shall establish a minimum dollar amount above which an owner must spend inorder to qualify for the property tax reduction.