Rhode Island General Laws 44-3-13.4. Low or moderate income housing – Exemption
The town or city councils of any municipality of the state may, by ordinance, exempt from taxation, in whole or in part, the real property situated in that city or town which is occupied by persons or families of low or moderate income. The amount of the exemption and the rules and regulations regarding eligibility for the exemption shall be provided for by ordinance, and the city or town council may, from time to time, by amendment to the ordinance, make those changes in the amount of exemption granted in the rules and regulations regarding eligibility for exemption, as it deems necessary to promote the purposes of this section. The exemption may continue during a term of any mortgage granted by the Rhode Island housing and mortgage finance corporation on the real property, or until the time the real property is not occupied by persons of low or moderate income as their primary residence.
History of Section.
P.L. 1989, ch. 395, § 1.
Terms Used In Rhode Island General Laws 44-3-13.4
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
- town council: include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9