Title 44
Taxation

Chapter 3
Property Subject to Taxation

R.I. Gen. Laws § 44-3-9.4

§ 44-3-9.4. Middletown — Economic development tax incentive program — Assessed valuation exemptions or stabilizing of taxes.

(a) The town council of the Town of Middletown may, by ordinance, provide for a schedule of exemptions from assessed valuation for real and personal property of property owners or businesses which create jobs in the town and which qualify under such ordinance.

(b) The town council of the Town of Middletown may, by ordinance, provide for a schedule of exemptions from assessed valuation or determine a stabilized amount of taxes to be paid for real and personal property of property owners or businesses for any retrofit, expansion or renovation of specifically permitted uses under such ordinance and which qualify under such ordinance. The ordinance shall specify the kinds of retrofitting, expansion and renovation for which exemptions or stabilization will be permitted. The exemption shall be for a period of no more than five (5) years.

(c) The amount of the exemption or stabilization and the rules and regulations regarding the eligibility and qualification for the exemption or stabilization shall be provided by ordinance and the town council may, from time to time, by amendment to the ordinance, make those changes in the amount of exemption or stabilization or in the rules and regulations regarding eligibility and qualification for exemption as it deems necessary.

History of Section.
P.L. 1996, ch. 6, § 1.