2003 -- S 0981
A N A C T
RELATING TO TAXATION-PROPERTY SUBJECT TO TAXATION
Introduced By: Senator Kevin A. Breene
Date Introduced: April 01, 2003
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:
44-3-9.6. Exempting or stabilizing of taxes on qualifying property used for
manufacturing or commercial purposes in the town of Richmond. - - (a) Except as provided
in this section, the town council of the town of Richmond may vote to authorize, for a period not
exceeding twenty (20) years, and subject to the conditions provided in this section, to exempt
from payment, in whole or part, real and personal property used for manufacturing or commercial
purposes, or to determine a stabilized amount of taxes to be paid on account of the property,
notwithstanding the valuation of the property or the rate of tax; provided, that after public
hearings, at least ten (10) days' notice of which shall be given in a newspaper of general
circulation in the town, the town council determines that:
(1) Granting of the exemption or stabilization will inure to the benefit of the town by
(A) the willingness of the manufacturer or commercial concern to locate in the town; or
(B) the willingness of a manufacturing firm to expand facilities with an increase in
employment or the willingness of a commercial or manufacturing concern to retain or expand its
facility in the town and not reduce its work force in the town; or
(C) an improvement of the physical plant of the town that will result in long-term
economic benefits to the town and the state;
(2) Granting of the exemption or stabilization of taxes will inure to the benefit of the
town by reason of the willingness of a manufacturing or commercial concern or property owner
to construct new or to replace, reconstruct, convert, expand, retain or remodel existing buildings,
facilities, fixtures, machinery, or equipment with modern buildings, facilities, fixtures,
machinery, or equipment, resulting in the maintenance of, or an increase in, the manufacturing or
commercial property investment by the firm or property owner in the town.
(b) Should the town council make the determination in subsection (a)(1)(B), subsection
(a)(1)(C), or subsection (a)(2), an exemption or stabilization may be granted for existing
buildings, property, machinery, or facilities owned by businesses already located in the town of
Richmond on the effective date of this section.
(c) For the purposes of this section, commercial property means any structure or facility
used essentially for offices or commercial enterprises.
(d) Except as provided in this section, property for which taxes have been exempted in,
whole or part, or stabilized pursuant to this section shall not, during the period for which taxes
have been exempted or stabilized, be further liable to taxation by the town so long as the property
is used for the manufacturing or commercial purpose for which the exemption or stabilization was
(e) Notwithstanding any vote of, or findings by the town council, the property shall be
assessed for, and shall pay, that portion of the tax, if any, assessed by the town for the purpose of
paying the indebtedness of the town and the indebtedness of the state or any political subdivision
thereof, to the extent assessed upon or apportioned to the town, and the interest thereon, and for
appropriation to any sinking fund of the town, which portion of the tax shall be paid in full, and
the taxes so assessed and collected shall be kept in a separate account and used only for that
(f) Any application for tax exemption or stabilization submitted pursuant to this section
shall be submitted before an application for development plan review is submitted to the
Richmond Planning Board pursuant to Chapter 18 of the Code of Ordinances, as amended.
(g) Any tax exemption or stabilization granted by the town council pursuant to this
section shall be applicable for a period beginning on the first day of the fiscal year in which the
exemption or stabilization is granted.
(h) If a property owner whose property tax has been exempted or stabilized pursuant to
this section becomes delinquent in the payment of its property taxes, or transfers ownership of its
business, the town council shall have the authority to review and terminate the tax exemption or
SECTION 2. This act shall take effect upon passage.