§44-5-61.1  Central Falls – Exemption or stabilizing of taxes on qualifying property located in the city. –

Link to law: http://webserver.rilin.state.ri.us/Statutes/TITLE44/44-5/44-5-61.1.HTM
Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
TITLE 44

Taxation

CHAPTER 44-5

Levy and Assessment of Local Taxes

SECTION 44-5-61.1



   § 44-5-61.1  Central Falls – 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 Central

Falls 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 Central Falls, 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 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.



History of Section.

(P.L. 1999, ch. 492, § 1; P.L. 2013, ch. 87, § 1; P.L. 2013, ch. 95,

§ 1.)