Tax exemption for certain developments now law

PROVIDENCE – Legislation creating a tax exemption for certain residential property developments which have not been completed or, if completed, have not been sold and occupied, has been signed into law.

New construction on development property is now exempt from the assessment of taxes as long as the owner files an affidavit claiming the exemption with the local tax assessor by Dec. 31 each year. The assessor must then determine if the property on which the new construction is located is development property.

If the real property is development property, the assessor will exempt the new construction from the collection of taxes on improvements, until such time as the real property no longer qualifies as development property.

According to a news release, the exemption does not affect taxes on common areas and facilities for residential condominiums. The exemption expires on Dec. 31, 2021.

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