2020 -- H 7851 | |
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LC004403 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2020 | |
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A N A C T | |
RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES | |
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Introduced By: Representatives Place, and Newberry | |
Date Introduced: February 26, 2020 | |
Referred To: House Municipal Government | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 44-5-55.1 of the General Laws in Chapter 44-5 entitled "Levy and |
2 | Assessment of Local Taxes" is hereby amended to read as follows: |
3 | 44-5-55.1. Burrillville -- Tax assessment stabilization Burrillville -- Tax levy |
4 | assessment stabilization. |
5 | The town of Burrillville is authorized to establish by ordinance a process to stabilize tax |
6 | assessments for improvements made to certain properties located in areas of town that have been |
7 | designated substandard in and pursuant to the land use chapter of the town's comprehensive plan. |
8 | Specifically, said ordinance shall provide that any exterior improvements made to any |
9 | commercial, industrial, and/or mixed use buildings located in areas that have been identified as |
10 | substandard areas as aforesaid shall not be subject to any increase in the tax assessment levied |
11 | against said property directly related to and because of said improvement. Such prohibition |
12 | against an increase in the tax assessment based upon these improvement shall be in place for a |
13 | period not to exceed ten (10) years from the date on which the work on the improvements shall |
14 | have begun. The ordinance shall also include a process for an applicant to apply and qualify for |
15 | said tax stabilization. |
16 | The town of Burrillville is authorized to establish by ordinance a process to stabilize tax |
17 | assessments and/or provide tax credits for physical improvements made to certain properties |
18 | located in areas of town that have been designated substandard by the town’s comprehensive plan |
19 | or as may be separately designated by the town council. Specifically, said ordinance shall provide |
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1 | that physical improvements made to any commercial, industrial, mixed use buildings, and |
2 | apartment houses with six (6) or more legal units located in areas that have been designated may |
3 | be eligible for tax stabilization and/or a tax credit against their real estate tax levy as set forth in |
4 | the town’s ordinance. The stabilization granted or tax credit based upon these improvements shall |
5 | be in place for a period not to exceed ten (10) years from the date on which the work on the |
6 | improvements shall have been completed. All improvements made to the property will be |
7 | assessed accordingly as of December 31 of each year per § 44-5-1. The ordinance shall also |
8 | include a process for an applicant to apply and qualify for said credits. |
9 | 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 -- LEVY AND ASSESSMENT OF LOCAL TAXES | |
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1 | This act would authorize the town of Burrillville to establish an ordinance to stabilize tax |
2 | assessments or provide credits for physical improvements to substandard buildings for a period of |
3 | ten (10) years from the date of completion. |
4 | This act would take effect upon passage. |
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