§ 44-5-13.11 - Qualifying low-income housing – Assessment and taxation.
SECTION 44-5-13.11
§ 44-5-13.11 Qualifying low-income housing– Assessment and taxation. – Any residential property that has been issued an occupancy permit on or afterJanuary 1, 1995, after substantial rehabilitation as defined by the U.S.Department of Housing and Urban Development and is encumbered by a covenantrecorded in the land records in favor of a governmental unit or Rhode Islandhousing and mortgage finance corporation restricting either or both the rentsthat may be charged to tenants of the property or the incomes of the occupantsof the property, is subject to a tax that equals eight percent (8%) of theproperty's previous years' gross scheduled rental income or a lesser percentageas determined by each municipality.