ARTICLE III. HISTORIC RESIDENCE TAX CREDIT
Sec. 21-161. Findings of fact.
The town council finds that preservation of the town's historic
residences enhances an understanding of the town and state's heritage, improves
property values, fosters civic beauty and promotes education, pleasure and
welfare.
Sec. 21-162. Definitions.
The following words, terms and phrases, when used in this
article, shall have the meanings ascribed to them in this section, except where
the context clearly indicates a different meaning:
Certified maintenance or rehabilitation means any maintenance or
rehabilitation of an historic residence consistent with the character of that
property or district, as determined in accordance with commission guidelines.
Commission means the state historical preservation commission
created pursuant to 42-45-2.
Historic residence means an historic residential property which
is not of a character subject to federal depreciation allowance pursuant to 167
or 168 of the Internal code and which is:
(1) Listed individually in the state register of historic
places;
(2) Located in a district listed in the state register of
historic places and certified by the commission as contributing to the historic
character of that district;
(3) Located in a local historic district zone as designated by a
city or town under G.L. 1956, § 45-24.1-1 and certified by the commission as
contributing to the character of that historic district zone; or
(4) Designated by a city or town as an individual structure
subject to regulation by a local historic district commission under G.L. 1956,
§ 45-24.1-1.
(Code 1970, § 23-32)
Cross reference(s)--Definitions and rules of construction
generally, § 1-2.
Sec. 21-163. Property tax reduction.
In order to further the purpose of this article, the town will
provide up to 20 percent reduction in property tax liability each year for a
period of up to five years to an owner of an historic residence who incurs
substantial maintenance or rehabilitation costs in accordance with this
article. The reduction in property tax liability each year shall equal four
percent of the total costs of such maintenance or rehabilitation, as certified
by the commission, up to a maximum of 20 percent of the total property tax bill
for each year, subject to the provisions of section 21-164.
(Code 1970, § 23-33)
Sec. 21-164. Limitation of tax reduction.
The property tax reduction available under the provisions of
section 21-163 shall not exceed the sum of $8,000.00 for any historic residence
with respect to the property tax assessed as of December 31, 1988; thereafter,
the town council may establish a new maximum amount of reduction for each year
that this program is in existence.
(Code 1970, § 23-34)
Sec. 21-165. Completion; certification.
Upon completion of maintenance or rehabilitation for which the
owner of an historic residence seeks property tax reduction, the owner shall
apply to the tax assessor for relief under this article. Upon receiving such
application, the tax assessor shall notify the commission. The commission shall
inspect the maintenance or rehabilitation of the historic residence and make a
recommendation to the tax assessor who shall certify if it complies with the
commission guidelines. The commission may establish a schedule of reasonable fees
for the processing of inspection of maintenance and rehabilitation. The
property tax reduction shall commence in the year that the inspection certifies
approval of the maintenance or rehabilitation. An owner, who receives a
property tax reduction pursuant to this article, shall upon completion of
further maintenance or rehabilitation which again fulfills the necessary
requirements of
this article, receive a new five-year property tax reduction
commencing on approval of the most recent application.
(Code 1970, § 23-35)
Sec. 21-166. Restrictive covenant required.
No historic residence maintained or rehabilitated may benefit
from the provisions of this article, unless the owner of such historic
residence grants a restrictive covenant to the commission, agreeing that the
historic residence shall retain its use and be maintained in a manner which
preserves the historic residence's rehabilitated portions and the historic
residence's historic character for a period equal to the length of the property
tax reduction, or until title to the property is transferred.
(Code 1970, § 23-36)
Sec. 21-167. Forfeiture of tax reduction.
In the event of the failure of the owner to keep the property
nondepreciable or to maintain the property according to the commission's guidelines
during the period of the tax reduction, the owner shall forfeit the property
tax reduction retroactive to the date the reduction commenced. All differences
in the amount of taxes that were paid and those that would have been due but
for the reduction shall be payable, together with interest of 12 percent per
annum, from the respective dates that the payments would have been due and
shall be a lien against the historic residence. If the property is transferred
to a new owner within the period that the tax reduction applies, the original
owner shall similarly forfeit the tax reduction.
(Code 1970, § 23-37)
Sec. 21-168. Administrator of program.
The tax assessor shall promulgate all application and
certification forms. The
commission shall establish guidelines for the maintenance and
rehabilitation of
historic residences.
(Code 1970, § 23-38)
Sec. 21-169. Appeal of decisions.
Appeal of decisions of the tax assessor shall be to the tax
appeal board for a full hearing de novo.