R.I. Gen. Laws § 44-3-31.3 — Providence — Additional 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, property taxes levied on eligible properties as of December 31, 2010,
shall be in an amount equal to the tax assessed as of December 31, 2000. Owners of
eligible properties are required to begin renovations by December 31, 2015, 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 of the building that may be occupied, 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.