Rhode Island H8017 modifies the assessment for residential properties with affordable housing units.
Rhode Island H8017 changes the assessment for residential properties where at least 40% of the dwellings are affordable to households at or below 80% of the statewide median income and at least 30% are affordable to households at or below 60% of the statewide median income. The tax on these properties will be eight percent of the property’s previous year's gross scheduled rental income or a lesser percentage determined by each municipality. This change applies to properties that have been issued an occupancy permit after January 1, 1995, and have been substantially rehabilitated.
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