Chapter 053 |
2020 -- H 7851 Enacted 06/26/2020 |
A N A C T |
RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES |
Introduced By: Representatives Place, and Newberry |
Date Introduced: February 26, 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 amended to read as follows: |
44-5-55.1. Burrillville -- Tax assessment stabilization Burrillville -- Tax levy |
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. |
The town of Burrillville is authorized to establish by ordinance a process to stabilize tax |
assessments and/or 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, said 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 may |
be eligible for tax stabilization and/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 per § 44-5-1. The ordinance shall also |
include a process for an applicant to apply and qualify for said credits. |
SECTION 2. This act shall take effect upon passage. |
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LC004403 |
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