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

     

     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:

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     SECTION 1. Section 44-5-55.1 of the General Laws in Chapter 44-5 entitled "Levy and

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Assessment of Local Taxes" is hereby amended to read as follows:

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     44-5-55.1. Burrillville -- Tax assessment stabilization Burrillville -- Tax levy

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assessment stabilization.

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     The town of Burrillville is authorized to establish by ordinance a process to stabilize tax

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assessments for improvements made to certain properties located in areas of town that have been

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designated substandard in and pursuant to the land use chapter of the town's comprehensive plan.

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Specifically, said ordinance shall provide that any exterior improvements made to any

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commercial, industrial, and/or mixed use buildings located in areas that have been identified as

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substandard areas as aforesaid shall not be subject to any increase in the tax assessment levied

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against said property directly related to and because of said improvement. Such prohibition

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against an increase in the tax assessment based upon these improvement shall be in place for a

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period not to exceed ten (10) years from the date on which the work on the improvements shall

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have begun. The ordinance shall also include a process for an applicant to apply and qualify for

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said tax stabilization.

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     The town of Burrillville is authorized to establish by ordinance a process to stabilize tax

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assessments and/or provide tax credits for physical improvements made to certain properties

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located in areas of town that have been designated substandard by the town’s comprehensive plan

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or as may be separately designated by the town council. Specifically, said ordinance shall provide

 

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that physical improvements made to any commercial, industrial, mixed use buildings, and

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apartment houses with six (6) or more legal units located in areas that have been designated may

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be eligible for tax stabilization and/or a tax credit against their real estate tax levy as set forth in

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the town’s ordinance. The stabilization granted or tax credit based upon these improvements shall

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be in place for a period not to exceed ten (10) years from the date on which the work on the

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improvements shall have been completed. All improvements made to the property will be

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assessed accordingly as of December 31 of each year per § 44-5-1. The ordinance shall also

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include a process for an applicant to apply and qualify for said credits.

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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 -- LEVY AND ASSESSMENT OF LOCAL TAXES

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     This act would authorize the town of Burrillville to establish an ordinance to stabilize tax

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assessments or provide credits for physical improvements to substandard buildings for a period of

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ten (10) years from the date of completion.

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     This act would take effect upon passage.

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