| Chapter 050 |
| 2020 -- S 2371 Enacted 06/27/2020 |
| A N A C T |
| RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES |
| Introduced By: Senator Jessica de la Cruz |
| Date Introduced: February 13, 2020 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Section 44-5-55.1 of the General Laws in Chapter 44-5 entitled "Levy and |
| Assessment of Local Taxes" is hereby repealed. |
| 44-5-55.1. Burrillville -- Tax assessment stabilization. |
| The town of Burrillville is authorized to establish by ordinance a process to stabilize tax |
| assessments for improvements made to certain properties located in areas of town that have been |
| designated substandard in and pursuant to the land use chapter of the town's comprehensive plan. |
| Specifically, said ordinance shall provide that any exterior improvements made to any |
| commercial, industrial, and/or mixed use buildings located in areas that have been identified as |
| substandard areas as aforesaid shall not be subject to any increase in the tax assessment levied |
| against said property directly related to and because of said improvement. Such prohibition |
| against an increase in the tax assessment based upon these improvement shall be in place for a |
| period not to exceed ten (10) years from the date on which the work on the improvements shall |
| have begun. The ordinance shall also include a process for an applicant to apply and qualify for |
| said tax stabilization. |
| SECTION 2. Chapter 44-5 of the General Laws entitled "Levy and Assessment of Local |
| Taxes" is hereby amended by adding thereto the following section: |
| 44-5-55.2. Burrillville -- Tax levy and stabilization. |
| The town of Burrillville is authorized to establish by ordinance a process to stabilize tax |
| assessments and provide tax credits for physical improvements made to certain properties located |
| in areas of town that have been designated substandard by the town's comprehensive plan or as |
| may be separately designated by the town council. Specifically, the ordinance shall provide that |
| physical improvements made to any commercial, industrial, mixed-use buildings, and apartment |
| houses with six (6) or more legal units located in areas that have been designated substandard |
| may be eligible for either a tax stabilization or a tax credit against their real estate tax levy as set |
| forth in the town's ordinance. The stabilization granted or tax credit based upon these |
| improvements shall be in place for a period not to exceed ten (10) years from the date on which |
| the work on the improvements shall have been completed. All improvements made to the |
| property will be assessed accordingly as of December 31 of each year pursuant to ยง 44-5-1. The |
| ordinance shall also include a process for an applicant to apply and qualify for the tax |
| stabilization or tax credits. |
| SECTION 3. This act shall take effect upon passage. |
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| LC004106 |
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