§ 44-5-11.14 - Commercial/residential real estate classification – Narragansett. - Rhode Island Statutes

SECTION 44-5-11.14

   § 44-5-11.14  Commercial/residential realestate classification – Narragansett. – Notwithstanding any provisions of § 44-5-11.8 to the contrary, the town ofNarragansett may adopt a separate tax classification for owner occupied mixeduse combination commercial and residential properties with five (5) units orless provided that the total commercial portion of the structure cannot occupymore than fifty percent (50%) of the entire square foot size of the structureitself. The tax assessor shall be required to allocate the percentage share ofthe full and fair market value of the property devoted to residential realestate use. This portion of the property shall be subject to the same tax rateas property defined in class 1 by § 44-5-11.8(b)(1)(i), while theremaining percentage of the property shall be subject to the tax rate asproperty defined as class 2 by § 44-5-11.8(b)(2).