R.I. Gen. Laws § 44-3-31.2 — Providence — Special property tax consideration for designated properties

(a) The city of Providence may, by ordinance, provide special tax consideration for designated
properties on the landmark list as part of the mill restoration program and in the
arts and entertainment district in the city of Providence.
(b) Upon enactment [June 14, 2002] property taxes levied on eligible properties as of
December 31, 2000, shall reflect adapted tax considerations. Owners of eligible properties
are required to begin renovations by December 31, 2005, in order to qualify for continued
tax considerations. Properties that fail to meet this deadline will be required retroactively
to pay the difference between their actual tax payments and what they would have paid,
if ineligible, for the specified tax considerations.
(c) Eligible properties shall be taxable properties located on the landmark list approved
by ordinance in the city of Providence, and shall be eligible if certified by the
city building inspector as in need of substantial rehabilitation.
(d) Tax benefits for eligible properties shall be transferable to new owners or tenants,
but the life of the tax consideration shall not be extended.
(e) “Substantial rehabilitation” means rehabilitation that adheres to the applicable building
and fire codes, extends to all floors that may be occupied of the building, and equals
at least fifty percent (50%) of the current replacement value of the structure, as
certified by the city building inspector.
(f) Nothing in this section shall be construed to diminish the authority of any body to
review and approve the construction plans for overall appearance or historical preservation
standards.
(g) During the period of eligibility, the city of Providence shall also be authorized
to use special consideration in taxing tangible property located in businesses in
eligible properties. For the ten (10) year period, the rate of thirty-three dollars
and forty-four cents ($33.44) shall be applied annually to tangible property value,
as it is determined and may change from year to year. This consideration shall apply
to all taxable businesses occupying eligible properties during the period of eligibility,
regardless of when they first occupied the property.
(h) The term of any special property tax consideration previously approved under this
section that is still in effect upon the effective date of this section shall, notwithstanding
any provision therein to the contrary, be extended for five (5) years.