Section 44-5-13.5 - Richmond - Reduction in assessed value of real estate - Removal of damaged buildings(a) Whenever, after the expiration of ninety (90) days after damage to a building, the building remains damaged as to require reconstruction of seventy-five percent (75%) or more before it may be used for any purpose related to its use prior to the damage and, following which, the owner provides for seventy-five percent (75%) or more demolition of the building, with the material from demolition being removed from the parcel of real property on which the building was situated or used as fill on the parcel for purposes of grading, the parcel shall be assessed for purposes of property tax as of the date the demolition, removal, and grading are completed to the satisfaction of the building inspector and tax assessor, and the assessment shall reflect a determination of the assessed value of the parcel, exclusive of the assessment value of the damaged building, demolished, or removed.(b) The adjusted assessment is applicable with respect to the parcel from the date demolition, removal, and grading are completed, as determined by the building inspector, until the thirty-first (31st) day of December next succeeding and the amount of property tax payable with respect to the parcel for the assessment year in which demolition, removal, and grading are completed is adjusted accordingly in the manner determined by the assessor.(c) The Richmond town council is authorized to suspend this tax abatement policy for any year in which so many buildings within the town of Richmond are so severely damaged that granting reduced assessments for all would jeopardize the fiscal integrity of the town.(d) This section applies only to assessment and taxes in the town of Richmond.R.I. Gen. Laws § 44-5-13.5