Rhode Island General Laws 44-5-11.14. Commercial/residential real estate classification – Narragansett
Notwithstanding any provisions of § 44-5-11.8 to the contrary, the town of Narragansett may adopt a separate tax classification for owner occupied mixed use combination commercial and residential properties with five (5) units or less provided that the total commercial portion of the structure cannot occupy more than fifty percent (50%) of the entire square foot size of the structure itself. The tax assessor shall be required to allocate the percentage share of the full and fair market value of the property devoted to residential real estate use. This portion of the property shall be subject to the same tax rate as property defined in class 1 by § 44-5-11.8(b)(1)(i), while the remaining percentage of the property shall be subject to the tax rate as property defined as class 2 by § 44-5-11.8(b)(2).
History of Section.
P.L. 2005, ch. 198, § 1; P.L. 2005, ch. 212, § 1.
Terms Used In Rhode Island General Laws 44-5-11.14
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
- 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