[Ord. of 10-17-1990, § 2]
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
Any maintenance or rehabilitation of a historic residence consistent with the character of that property or district, as determined in accordance with the state historical preservation commission guidelines, as approved prior to construction and certified after the work has been completed by the historic district commission for review by the state historical preservation commission.
COMMISSION
The state historical preservation commission as created by G.L. 1956, § 42-45-2 et seq.
HISTORIC RESIDENCE
A historic residential property which is not subject to federal depreciation allowance pursuant to § 167 or 168 of the Internal Revenue Code and which is:
(1) 
Located in a local historic district zone designated by the Town pursuant to G.L. 1956, § 45-24.1-1 et seq. and certified by the chairman and secretary of the Town historic district commission as contributing to the character of that local historic district in which it is located; or
(2) 
Designated by the Town as an individual structure subject to regulation by the Town historic district commission pursuant to G.L. 1956, § 45-24.1-1 et seq.
[Ord. of 10-17-1990, § 1]
The Town Council finds that preservation of the Town's historic residences enhances an understanding of the Town and state heritage; improves property values; fosters civic beauty; and promotes education, pleasure and the public welfare.
[Ord. of 10-17-1990, § 7]
The tax assessor shall promulgate all application and certification forms within the requirements of this article. The state historical preservation commission shall establish guidelines for the maintenance and rehabilitation of historic residences.
Appeals of decisions of the tax assessor under this article shall be to the Board of Assessment Review for a full hearing de novo.
(a) 
In order to further the purpose of this article, the Town will provide a reduction in property tax liability of up to 20% each year for a period of up to five years to the owner-occupant of a historic residence who incurs substantial maintenance or rehabilitation costs in accordance with this article. The reduction in property tax liability each year shall be equal to 4% of the total cost of such rehabilitation or maintenance, as certified by the state historical preservation commission, up to a maximum of 20% of the property tax liability each year. Such liability extends solely to the property rehabilitated or maintained, and specifically referenced in this article.
(b) 
The tax credit shall be subject to a maximum maintenance or rehabilitation project of $12,000 per residence. Such limit therefore sets the maximum tax reduction at $480 and is further limited to 20% of the real estate taxes due against the property.
(c) 
Such exemption shall not apply to municipal taxes assessed against motor vehicles or personal property, but only the real estate upon which certified maintenance or rehabilitation work has been completed. Such exception shall not apply to any other liability against the property due the Town, such as water or sewer assessment. In addition, such exemption shall not accrue retroactively and shall be forfeited by the owner of property who shall be delinquent in the payment of any tax or other liability due the Town, whether against such property or other property owned by the owner-occupant in the Town.
(d) 
Such exemption shall not diminish, detract from, negate or otherwise nullify any other property tax reduction, abatement or credit to which the owner is otherwise eligible. Such other exception or credit shall be applied to the gross tax due prior to the application of the reduction described in this article.
(e) 
The Town Council may from time to time set any newpply to the tax assessor for such relief as is provided for under this article, by completing and submitting an application, substantially in the form of exhibit A, which is attached to Ordinance of 10-17-90 and made a part of this article by reference.
(f) 
Upon receiving such application, the tax assessor shall notify the state historical preservation commission. The commission shall inspect such maintenance or rehabilitation of the historic residence and make a recommendation to the tax assessor who shall certify if it complies with the commission's guidelines. The commission may establish a schedule of reasonable fees for the processing of inspection of maintenance and rehabilitation. The property owner shall be liable for the payment of such fees. The property tax reduction shall commence in the year in which the commission makes the inspection and certifies approval of the maintenance or rehabilitation.
(g) 
The tax assessor is empowered to require and demand any documents, certifications or other by benefit from the provisions of this article unless the owner of such historic residence shall grant to the state historical preservation commission a restrictive covenant 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 character for a period equal to the length of the property tax reduction or until title to the property is transferred.
(h) 
If a property is transferred prior to the payment of any taxes thereupon, the entire property tax payment then due shall become due and payable as otherwise provided for such tax year without reduction. If taxes have been paid in whole or in part and the property is transferred, one of the following provisions shall prevail:
(1) 
If payment has been made in whole and the property is transferred, partial credit shall be given for a portion of the reduction accrued to the date of the property transfer. The portion of the tax reduction no, § 44-4.1-5.
[Ord. of 10-17-1990, § 6]
If the owner of the property subject to this article fails to keep the property nondepreciable or to maintain the property according to the state historical preservation commission's guidelines during the period of the tax reduction, the owner shall forfeit the property tax reduction from the first instance of noncompliance as determined and certified by the tax assessor.
[Ord. of 10-17-1990, § 5]
(a) 
No historic residence maintained or rehabilitated may benefit from the provisions of this article unless the owner of such historic residence shall grant to the state historical preservation commission a restrictive covenant 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 character for a period equal to the length of the property tax reduction or until title to the property is transferred.
(b) 
If a property is transferred prior to the payment of any taxes thereupon, the entire property tax payment then due shall become due and payable as otherwise provided for such tax year without reduction. If taxes have been paid in whole or in part and the property is transferred, one of the following provisions shall prevail:
(1) 
If payment has been made in whole and the property is transferred, partial credit shall be given for a portion of the reduction accrued to the date of the property transfer. The portion of the tax reduction not paid as part of the whole payment shall then become due as a condition to transfer.
(2) 
If payment is made in parts and the property is transferred, full credit shall be given for the portion of the reduction accrued to the date of the proposed transfer. Thereafter, subsequent payments shall be adjusted and billed upon the full value of the property without benefit of or reference to the tax reduction.
(c) 
The tax assessor shall place against the property for which a tax reduction under this article is awarded a notice in the Town registry of deeds substantially in the form of exhibit B attached to the Ordinance of 1-17-90 and made a part of this article by reference.
(d) 
For a forfeiture of the tax reduction, the provisions of Subsection (c) of this section shall apply with respect to adjustment of credit for the tax reduction for the portion of time during which the property was eligible for the benefit under this article.