Title 44
Taxation

Chapter 3
Property Subject to Taxation

§ 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, so 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.