§ 44-4.1-3. Property tax reduction. (a) Each city or town may, by ordinance, provide up to twenty percent (20%) reduction in property tax liability for a period of up to five (5) years to an owner of a historic residence who incurs substantial maintenance or rehabilitation costs; provided, however, that
(b) Warren. The town council of the town of Warren may, by ordinance, increase the time period for the reduction in property tax liability up to nine (9) years to an owner of an historic residence who incurs substantial maintenance or rehabilitation costs and to the owner of a historic commercial structure, with a value not to exceed one million dollars ($1,000,000) who incurs substantial maintenance or rehabilitation costs for the building's exterior or structural features.
(c) The town or city may elect to provide the reduction to any contributing property listed on the state register of historic places, or to any property covered by chapter 24.1 of title 45, or to both. Each city or town shall establish a minimum dollar amount above which an owner must spend in order to qualify for the property tax reduction.
History of Section. (P.L. 1988, ch. 549, § 1; P.L. 2000, ch. 47, § 1; P.L. 2000, ch. 92, § 1; P.L. 2006, ch. 302, § 1; P.L. 2006, ch. 478, § 1.)
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