§ 44-5-13.24 - North Smithfield – Reduction in assessed value of real estate – Removal of damaged buildings. - Rhode Island Statutes

SECTION 44-5-13.24

   § 44-5-13.24  North Smithfield –Reduction in assessed value of real estate – Removal of damaged buildings.– (a) Whenever, after the expiration of ninety (90) days after damage to abuilding, the building remains damaged as to require reconstruction ofseventy-five percent (75%) or more before it may be used for any purposerelated to its use prior to the damage and, following which, the owner providesfor seventy-five percent (75%) or more demolition of the building, with thematerial from demolition being removed from the parcel of real property onwhich the building was situated or used as fill on the parcel for the purposesof grading, the parcel shall be assessed for purposes of property tax as of thedate the demolition, removal, and grading are completed to the satisfaction ofthe building inspector and tax assessor, and the assessment shall reflect adetermination of the assessed value of the parcel, exclusive of the assessmentvalue of the building so damaged, demolished, or removed.

   (b) The adjusted assessment is applicable with respect to theparcel from the date demolition, removal, and grading are completed, asdetermined by the building inspector, until the thirty-first (31st) day ofDecember next succeeding and the amount of property tax payable with respect tothe parcel for the assessment year in which demolition, removal, and gradingare completed is adjusted accordingly in the manner determined by the assessor.

   (c) The North Smithfield town council is authorized tosuspend this tax abatement policy for any year in which so many buildingswithin the town of North Smithfield are so severely damaged that grantingreduced assessments for all would jeopardize the fiscal integrity of the town.

   (d) This section applies only to assessment and taxes in thetown of North Smithfield.