(a) Notwithstanding any provision of the general or public laws to the contrary, the property tax rate applicable to any real property in the city of Providence owned by an entity organized as a cooperative housing corporation within the meaning of chapter 6.1 of title 7 shall be as follows: With respect to any owner-occupied dwelling units in such real property, the rate shall be: (1) For taxes assessed on units owned on December 31, 2013, one hundred fifteen percent (115%) of the rate applicable to residential, owner-occupied properties in the city; (2) For taxes assessed on units owned on December 31, 2014, one hundred seven and one-half percent (107.5%) of the rate applicable to residential, owner-occupied properties in the city; and (3) For taxes assessed on units owned on December 31, 2015, and for every tax assessment made thereafter, one hundred percent (100%) of the rate applicable to residential, owner-occupied properties in the city. (b) With respect to any non-owner-occupied dwelling units in such real property, the rate applied in every assessment shall be the rate applicable to residential, non-owner-occupied properties in the city.
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