Chapter 087
2013 -- H 5391 AS AMENDED
Enacted 06/17/13
A N A C T
RELATING TO
TAXATION-LEVY AND ASSESSMENT OF
Introduced
By: Representatives Silva,
Date Introduced: February 12, 2013
It is enacted by the
General Assembly as follows:
SECTION 1. Section 44-5-61.1 of the General Laws in Chapter
44-5 entitled "Levy and
Assessment of Local
Taxes" is hereby amended to read as follows:
44-5-61.1.
located in the city. -- Except as provided in this section, the city council of the city of
Falls may vote to authorize for a period not exceeding
five (5) ten (10) years, and subject to the
conditions provided in this section, to exempt from payment, in
whole or in part, real and
personal qualifying property, or to determine a stabilized
amount, of taxes to be paid on account
of the qualifying property located within the city of
of the property or the rate of tax; provided, that after
a public hearing, at least ten (10) days'
notice of which must be given in a newspaper having a
general circulation in the city, the city
council determines that granting of the exemption or
stabilization for qualifying property has
inured or will
inure to the benefit of the city by reason of the willingness of the owners of
qualifying property to replace, reconstruct, expand or remodel
existing buildings, facilities,
machinery, or equipment with modern buildings, facilities,
fixtures, machinery, or equipment or
to construct new buildings or facilities or acquire new
machinery or equipment for use in the
buildings or facilities or to reoccupy or reuse the buildings
or facilities if they are vacant or
abandoned for manufacturing/warehousing or research and
development, resulting in an increase
in investment by the owners in the city. For purposes of
this section, "qualifying property" means
any building or structures used or intended to be used
essentially for offices, manufacturing, or
commercial enterprises., including, but not limited
to, financial service enterprises. Except as
provided in this section, property, the payment of taxes on
which has been so exempted or which
is subject to the payment of a stabilized amount of
taxes, shall not, during the period for which
the exemption or stabilization of the amount of taxes is
granted, be further liable to taxation by
the city so long as that property is used or intended to
be used for the manufacturing or
commercial purposes for which the exemption or stabilized amount
of taxes was made.
SECTION 2. Section 44-5-12 of the General Laws in Chapter
44-5 entitled "Levy and
Assessment of Local
Taxes" is hereby amended to read as follows:
44-5-12.
Assessment at full and fair cash value. -- (a) All real property subject to
taxation shall be assessed at its full and fair cash value, or
at a uniform percentage of its value,
not to exceed one hundred percent (100%), to be
determined by the assessors in each town or
city; provided, that:
(1) Any residential
property encumbered by a covenant recorded in the land records in
favor of a governmental unit or
restricting either or both the rents that may be charged or the
incomes of the occupants shall be
assessed and taxed in accordance with section 44-5-13.11;
(2) In assessing real
estate which is classified as farm land, forest, or open space land in
accordance with chapter 27 of this title the assessors shall
consider no factors in determining the
full and fair cash value of the real estate other than
those which relate to that use without regard
to neighborhood land use of a more intensive nature;
(3)
ordinance, that the owner of any dwelling of one to three (3)
family units in the city of
who makes any improvements or additions on his or her
principal place of residence in the
amount up to fifteen thousand dollars ($15,000), as may be
determined by the tax assessor of the
city of
until the next general citywide reevaluation of property
values by the tax assessor. For the
purposes of this section, "residence" is defined as
voting address. This exemption does not apply
to any commercial structure. The property owner shall
supply all necessary plans to the building
official for the improvements or addition and shall pay all
requisite building and other permitting
fees as now are required by law; and
(4)
by ordinance, that the owner of any dwelling of one to
eight (8) units who makes any
improvements or additions to his or her residential or rental
property in an amount not to exceed
twenty twenty-five thousand dollars ($20,000) ($25,000)
as determined by the tax assessor of the
city of
addition until the next general citywide reevaluation of
property values by the tax assessor. The
property owner shall supply all necessary plans to the
building official for the improvements or
additions and shall pay all requisite building and other
permitting fees as are now required by
law.
(5) Tangible property
shall be assessed according to the asset classification table as
defined in section 44-5-12.1.
(b) Municipalities
shall make available to every land owner whose property is taxed
under the provisions of this section a document which may
be signed before a notary public
containing language to the effect that they are aware of the
additional taxes imposed by the
provisions of section 44-5-39 in the event that they use land
classified as farm, forest, or open
space land for another purpose.
(c) Pursuant to the
provisions of section 44-3-29.1, all wholesale and retail inventory
subject to taxation is assessed at its full and fair cash
value, or at a uniform percentage of its
value, not to exceed one hundred percent (100%), for fiscal
year 1999, by the assessors in each
town and city. Once the fiscal year 1999 value of the
inventory has been assessed, this value shall
not increase. The phase-out rate schedule established in
section 44-3-29.1(d) applies to this fixed
value in each year of the phase-out.
SECTION 3. This act shall take effect upon passage.
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LC01100
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