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.)