2005 Rhode Island Code - § 34-41-1.03 — Status and taxation of time-share estates.

    (a) Except as expressly modified by this chapter and notwithstanding any contrary rule of common law, a grant of an estate in a unit conferring the right of possession during a potentially infinite number of separated time periods creates an estate in fee simple having the character and incidents of such an estate at common law, and a grant of an estate in a unit conferring the right of possession during five (5) or more separated time periods over a finite number of years equal to five (5) or more, including renewal options, creates an estate for years having the character and incidents of such an estate at common law.

   (b) Each time-share estate constitutes for all purposes a separate estate in real property. Assessments can only be made on the real property value of the development. Notices of assessment and bills for taxes must be furnished to the managing entity, if any, or otherwise to each time-share owner, but the managing entity is not liable for the taxes as a result thereof. In accordance herein, each municipality is hereby authorized and empowered to exercise all rights and powers for the collection of taxes as are conferred by virtue of title 44.

   (c) A document transferring or encumbering a time-share estate may not be rejected for recordation because of the nature or duration of that estate.