[Approved 2-22-1990 by Ch. No. 2126]
Wherever used in this article, the following
terms shall have the meanings indicated:
An industrial building built prior to January 1, 1949, and
meeting one of the following:
Listed on the National Register of Historic
Places, as maintained by the United States Department of Interior.
Eligible for listing on the local historic register,
as established by the Pawtucket Historic District Commission.
Not worthy to be nominated to the register,
but determined to be eligible for the program by the Pawtucket City
Council.
A new residential unit created within an historic industrial
mill building.
Conversion of an historic industrial mill building to create
residential use by substantial rehabilitation.
A.Â
In the first year after purchase of a housing unit,
the Pawtucket Tax Assessor shall reduce the valuation of said housing
unit for real estate tax purposes by 2/3.
B.Â
In the second year after the purchase of a housing
unit, the Pawtucket Tax Assessor shall reduce the total valuation
of said housing unit for real estate tax purposes by 1/3. In the subsequent
calendar year, the Pawtucket Tax Assessor will access the housing
unit at full valuation.
C.Â
For historic industrial mill buildings which are converted
for residential rental use under this article, the Pawtucket City
Council may authorize the same adjustments to valuations for real
estate tax purposes in each instance where an occupant, with a properly
executed lease, and whose verified income is less than 80% of the
median income for the standard metropolitan statistical area (Pawtucket/Providence),
is assessed the fair market rent limit as published by the United
States Department of Housing and Urban Development for the first two
years of the lease.
This article shall become effective upon passage
and shall be applicable to property tax assessments made upon property
sold during the period from December 27, 1988, through December 31,
1994.
