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:

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

hereby amended by adding thereto the following section:

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

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

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

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

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

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

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

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

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

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

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

years

     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

assessments for Rankin Estates.

     This act would take effect upon passage.

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