R.I. Gen. Laws § 44-5-13.24 — North Smithfield — Reduction in assessed value of real estate — Removal of damaged buildings

(a) Whenever, after the expiration of ninety (90) days after damage to a building, the
building remains damaged as to require reconstruction of seventy-five percent (75%)
or more before it may be used for any purpose related to its use prior to the damage
and, following which, the owner provides for seventy-five percent (75%) or more demolition
of the building, with the material from demolition being removed from the parcel of
real property on which the building was situated or used as fill on the parcel for
the purposes of grading, the parcel shall be assessed for purposes of property tax
as of the date the demolition, removal, and grading are completed to the satisfaction
of the building inspector and tax assessor, and the assessment shall reflect a determination
of the assessed value of the parcel, exclusive of the assessment value of the building
so damaged, demolished, or removed.
(b) The adjusted assessment is applicable with respect to the parcel from the date demolition,
removal, and grading are completed, as determined by the building inspector, until
the thirty-first (31st) day of December next succeeding and the amount of property
tax payable with respect to the parcel for the assessment year in which demolition,
removal, and grading are completed is adjusted accordingly in the manner determined
by the assessor.
(c) The North Smithfield town council is authorized to suspend this tax abatement policy
for any year in which so many buildings within the town of North Smithfield are so
severely damaged that granting reduced assessments for all would jeopardize the fiscal
integrity of the town.
(d) This section applies only to assessment and taxes in the town of North Smithfield.