Tax & Accounting Blog

Changes to Qualifying Property Exemption and Reassessment Threshold on Improvements and Additions in Rhode Island

Blog, ONESOURCE, ONESOURCE Property Tax June 21, 2013

For tax exemptions or the establishment of taxes for some improvements to qualifying real and personal property, the City of Central Falls has changed the timeframe on this exemption from five years to ten years.  The City has also updated the definition of qualifying property to include buildings or structures that either are or will be used by financial service enterprises. 

 Also, owners of residential or rental property, whose property contains anywhere from one to eight units, who add to or improve said property, in an amount not over $25,000, will be exempt from the reassessment of the property until the next general reevaluation conducted by the Assessor of the City of Central Falls.  Formerly, the threshold was $20, 000.

(Source:  L. 2013, S186 (c.95), effective 6/17/2013)