§ 44-4.2-4 - Deferment of taxation.
SECTION 44-4.2-4
§ 44-4.2-4 Deferment of taxation. –(a) The city council of Pawtucket may, by ordinance, defer for real estate taxpurposes a portion of the full valuation of a housing unit located within arenovated 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, thePawtucket tax assessor shall reduce the valuation of the housing unit for realestate tax purposes by two-thirds ( 2/3).
(2) In the second year after the purchase, the Pawtucket taxassessor shall reduce the total valuation of the housing unit for real estatetax purposes by one-third ( 1/3). In the subsequent calendar year, thePawtucket tax assessor will access the housing unit at full valuation.
(b) For historic industrial mill buildings which areconverted for residential rental use under this chapter, the Pawtucket citycouncil may authorize the same adjustments to valuations for real estate taxpurposes in each instance where an occupant, with a properly executed lease,and whose verified income is less than eighty percent (80%) of the medianincome for the standard metropolitan statistical area (Pawt./Prov.), isassessed the fair market rent limit as published by the U.S. Department ofHousing and Urban Development for the first two (2) years of the lease.