Rhode Island § 44-4.2-4 § 44-4.2-4. Deferment of taxation.

Rhode Island Statutes

§ 44-4.2-4 — § 44-4.2-4. Deferment of taxation.

Rhode Island § 44-4.2-4

Title 44Taxation

Ch. 44-4.2Historic Industrial Building â€” Tax Deferment

This text of Rhode Island § 44-4.2-4 (§ 44-4.2-4. Deferment of taxation.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 44-4.2-4 (2026).

Text

§ 44-4.2-4. Deferment of taxation.
(a) The city council of Pawtucket may, by ordinance, defer for real estate tax purposes
            a portion of the full valuation of a housing unit located within a renovated historic
            industrial mill building having at least twenty-five (25) new housing units as follows:
         
(1) In the first year after purchase of a housing unit, the Pawtucket tax assessor shall
            reduce the valuation of the housing unit for real estate tax purposes by two-thirds
            (â…”).
         
(2) In the second year after the purchase, the Pawtucket tax assessor shall reduce the
            

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§ 44-4.2-4. Deferment of taxation.

(a) The city council of Pawtucket may, by ordinance, defer for real estate tax purposes a portion of the full valuation of a housing unit located within a renovated historic industrial mill building having at least twenty-five (25) new housing units as follows:

(1) In the first year after purchase of a housing unit, the Pawtucket tax assessor shall reduce the valuation of the housing unit for real estate tax purposes by two-thirds (â…”).

(2) In the second year after the purchase, the Pawtucket tax assessor shall reduce the total valuation of the housing unit for real estate tax purposes by one-third (â…“). In the subsequent calendar year, the Pawtucket tax assessor will access the housing unit at full valuation.

(b) For historic industrial mill buildings which are converted for residential rental use under this chapter, the Pawtucket city council may authorize the same adjustments to valuations for real estate tax purposes in each instance where an occupant, with a properly executed lease, and whose verified income is less than eighty percent (80%) of the median income for the standard metropolitan statistical area (Pawt./Prov.), is assessed the fair market rent limit as published by the U.S. Department of Housing and Urban Development for the first two (2) years of the lease.