R.I. Gen. Laws § 44-5-77 — Providence — Cooperative housing corporation property exemption

Notwithstanding any other provision of the general or public laws to the contrary,
the property taxes owed for any real property in the city of Providence owned by an
entity organized as a cooperative housing corporation within the meaning of chapter 6.1 of title 7 shall be reduced by applying to the assessed value of that property all personal
exemptions (including, for example, the homestead exemption and exemptions available
to veterans, disabled veterans, elderly persons, former prisoners of war, and the
blind) to which any shareholders of the corporation residing on the property would
be entitled if they directly owned and occupied residential property in the city or
town where the corporation’s property is located. In calculating the amount of any
property tax reduction, the personal exemptions to which any resident shareholder
is entitled shall not be applied to the portion of the common areas on the corporation’s
property used for recreational or social purposes, such as game rooms, fitness facilities,
dining rooms or theaters. The burden shall be on the corporation to demonstrate the
extent to which any of its resident shareholders would qualify to receive the exemptions.