§ 44-5-13.3 - Reduction in assessed value of real estate upon removal of damaged buildings. - Rhode Island Statutes

SECTION 44-5-13.3

   § 44-5-13.3  Reduction in assessed value ofreal estate upon removal of damaged buildings. – (a) Whenever a building is damaged as to require total reconstruction before itmay be used for any purpose related to its use prior to that damage andfollowing which, the owner provides for complete demolition of the buildingwith the material from demolition being removed from the parcel of realproperty on which the building was situated or used as fill on the parcel forpurposes of grading, the parcel shall be assessed for purposes of property taxas of the date the demolition, removal, and grading are completed to thesatisfaction of the building inspector, and the assessment shall reflect adetermination of the assessed value of the parcel, exclusive of the assessmentvalue of the building damaged, demolished, and removed.

   (b) The adjusted assessment is applicable with respect to theparcel from the date the 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) This section is not applicable in the event of naturaldisasters such as, but not limited to, erosion or demolition resulting fromfloods or hurricanes.

   (d) This section applies only to assessments and taxes in thetowns of South Kingstown, North Kingstown, West Warwick and Barrington.