2014 -- S 2999

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LC005641

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2014

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A N   A C T

RELATING TO TAXATION -- TOWN OF NORTH SMITHFIELD

     

     Introduced By: Senators E O`Neill, and Jabour

     Date Introduced: May 08, 2014

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

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

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hereby amended by adding thereto the following section:

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     44-3-9.2.1. North Smithfield -- Exemption or stabilization of taxes for Rankin

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Estates. -- The town council of the town of North Smithfield may vote to stabilize for tax

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assessment purposes, the assessed values of the real property known as "Rankin Estates" which

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consists of property located in the town of North Smithfield laid out and designated as Assessor's

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Plat 14, Lots 17, 19, 20, 29, 31-34, 36, 88, 93, 106, 107, 123, 125, 128, 135, 136, 139, 140, 141,

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144, 145, 147, 159, 202, 242 (collectively, "property"), for a period not to exceed seven (7) years,

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which values shall remain, at the assessed values as of December 31, 2010; provided, however,

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upon the sale of any subdivided, recorded lot or lots included in the Rankin Estates project, said

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lots shall be assessed taxes at their fair market value by the town to the new owner. A sale of the

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entire Rankin Estates project or any phase thereof, shall not result in a change in the assessed

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value of the property from December 31, 2010 values for the said period not to exceed seven (7)

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years

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     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 -- TOWN OF NORTH SMITHFIELD

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     This act would allow the town of North Smithfield to exempt and stabilize tax

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assessments for Rankin Estates.

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     This act would take effect upon passage.

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