2025 -- S 0893 AS AMENDED

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LC002608

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2025

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A N   A C T

RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION

     Introduced By: Senators Raptakis, E Morgan, and Rogers

     Date Introduced: March 27, 2025

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. Chapter 44-3 of the General Laws entitled "Property Subject to Taxation" is

hereby amended by adding thereto the following section:

     44-3-9.8.1. Exemption or stabilization of tax on qualified property used for residential

purposes in the town of West Greenwich.

     (a) Except as provided in this section, in order to address the longstanding challenges faced

by the town of West Greenwich to meet state and local needs for low- and moderate-income

housing pursuant to the provisions of chapter 53 of title 45 and the town of West Greenwich code

of ordinances, the town council of the town of West Greenwich may vote to authorize, subject to

the conditions in this section, to exempt from payment, in whole or in part, real qualified property,

or to determine a stabilized amount, notwithstanding the valuation of the property or the rate of tax;

provided that, after a public hearing, ten (10) days' notice of which shall be published in a

newspaper of general circulation in the town, and upon a determination by the town council that

the granting of the exemption and/or stabilization of taxes for a qualified property shall inure to the

benefit of the town of West Greenwich including, without limitation, by reason of the town of West

Greenwich achieving, exceeding, or furthering its realization of its goal of ten percent (10%) of its

year round housing units constituting low- and moderate-income housing units pursuant to the

provisions of chapter 53 of title 45.

     (b) For purposes of this section, "qualifying property" means property for which there is

an approved comprehensive permit project pursuant to chapter 53 of title 45, in which final plan

approval has been recorded. Qualified property may be comprised of one or more contiguous lots

and may have multiple owners. Nothing in this section shall prevent the town from approving any

exemption or agreement under this section prior to final plan approval and recording, as long as the

period in which the taxes are exempt and/or stabilized does not begin until the final plan is recorded.

     (c) Notwithstanding any other provisions of this chapter, the town council may vote to

authorize an agreement under this section for a period of up to thirty (30) years.

     (d) Except as otherwise provided in this section, property for which taxes have been

exempted and/or stabilized, in whole or in part, pursuant to this section shall not, during the period

for which taxes have been so exempted and/or stabilized, be further liable to taxation by the town

as long as such property shall remain qualified property as defined in this section.

     (e) Notwithstanding this section, owners of qualifying low-income housing in the town of

West Greenwich under §44-5-13.11 shall be entitled to the tax treatment provided under such

section and may, but need not, seek or obtain tax exemption and/or stabilization under this section.

With respect to all qualifying low-income housing in the town of West Greenwich under the

provisions of §44-5-13.11, the town council's grant of exemption and/or stabilization under this

section shall result in taxation of such qualifying low-income housing that is no less favorable than

the taxation otherwise provided under §44-5-13.

     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION

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     This act would authorize the town council of West Greenwich to provide an exemption

and/or stabilization of tax agreement on qualified property used for residential purposes inclusive

of low- and moderate-income housing in the town of West Greenwich.

     This act would take effect upon passage.

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