TITLE 44

Taxation

CHAPTER 44-5

Levy and Assessment of Local Taxes

SECTION 44-5-61.2



   § 44-5-61.2  Pawtucket – Exemption or

stabilizing of taxes on qualifying property located in the city. –

Except as provided in this section, the city council of the city of Pawtucket

may vote to authorize for a period not exceeding 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 Pawtucket, notwithstanding the valuation 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 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. 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 complies with any stabilization agreement and is used or

intended to be used for the manufacturing or commercial purposes for which the

exemption or stabilized amount of taxes was made.



History of Section.

(P.L. 1999, ch. 239, § 1.)