§ 44-5-77 - Providence – Cooperative housing corporation property exemption. - Rhode Island Statutes

SECTION 44-5-77

   § 44-5-77  Providence – Cooperativehousing corporation property exemption. – Notwithstanding any other provision of the general or public laws to thecontrary, the property taxes owed for any real property in the city ofProvidence owned by an entity organized as a cooperative housing corporationwithin the meaning of chapter 6.1 of title 7 shall be reduced by applying tothe assessed value of that property all personal exemptions (including, forexample, the homestead exemption and exemptions available to veterans, disabledveterans, elderly persons, former prisoners of war, and the blind) to which anyshareholders of the corporation residing on the property would be entitled ifthey directly owned and occupied residential property in the city or town wherethe corporation's property is located. In calculating the amount of anyproperty tax reduction, the personal exemptions to which any residentshareholder is entitled shall not be applied to the portion of the common areason the corporation's property used for recreational or social purposes, such asgame rooms, fitness facilities, dining rooms or theaters. The burden shall beon the corporation to demonstrate the extent to which any of its residentshareholders would qualify to receive the exemptions.