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| 4 | 4 | | |
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| 5 | 5 | | 2023 -- H 6509 |
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| 6 | 6 | | ======== |
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| 7 | 7 | | LC003195 |
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| 8 | 8 | | ======== |
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| 9 | 9 | | S TATE OF RHODE IS LAND |
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| 10 | 10 | | IN GENERAL ASSEMBLY |
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| 11 | 11 | | JANUARY SESSION, A.D. 2023 |
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| 12 | 12 | | ____________ |
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| 13 | 13 | | |
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| 14 | 14 | | A N A C T |
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| 15 | 15 | | RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION |
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| 16 | 16 | | Introduced By: Representative Megan L. Cotter |
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| 17 | 17 | | Date Introduced: June 08, 2023 |
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| 18 | 18 | | Referred To: House Municipal Government & Housing |
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| 19 | 19 | | (by request) |
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| 20 | 20 | | |
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| 21 | 21 | | It is enacted by the General Assembly as follows: |
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| 22 | 22 | | SECTION 1. Chapter 44-3 of the General Laws entitled "Property Subject to Taxation" is 1 |
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| 23 | 23 | | hereby amended by adding thereto the following section: 2 |
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| 24 | 24 | | 44-3-67. Richmond -- Partially exempting or stabilizing of taxes on qualifying 3 |
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| 25 | 25 | | residential property. 4 |
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| 26 | 26 | | (a) The town council of the town of Richmond is authorized to partially exempt qualifying 5 |
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| 27 | 27 | | real property from payment of taxes, or to determine a stabilized amount of taxes to be paid on 6 |
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| 28 | 28 | | qualifying real property, for a period not to exceed twenty (20) years, notwithstanding the valuation 7 |
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| 29 | 29 | | of the property or the rate of taxation, under the following conditions and subject to the following 8 |
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| 30 | 30 | | procedures. 9 |
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| 31 | 31 | | (b) For the purposes of this section, qualifying real property means residential property 10 |
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| 32 | 32 | | that: 11 |
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| 33 | 33 | | (1) Is located in a mixed-use commercial and residential development; and 12 |
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| 34 | 34 | | (2) Has a total assessed value of not less than ten million dollars ($10,000,000) on the date 13 |
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| 35 | 35 | | on which the partial exemption or stabilization will take effect; and 14 |
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| 36 | 36 | | (3) Is used for or available for use as short-term rental property for no fewer than twenty-15 |
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| 37 | 37 | | six (26) weeks in each calendar year. 16 |
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| 38 | 38 | | (c) An agreement to exempt or stabilize taxes on any one lot or on contiguous lots under 17 |
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| 39 | 39 | | the authority of this section shall be enacted in the form of a resolution. The town council shall 18 |
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| 40 | 40 | | enact such a resolution only after a public hearing. Notice of the date, time, and location of the 19 |
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| 41 | 41 | | |
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| 42 | 42 | | |
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| 43 | 43 | | LC003195 - Page 2 of 3 |
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| 44 | 44 | | public hearing shall appear as a display advertisement in a newspaper of general circulation in the 1 |
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| 45 | 45 | | town three (3) consecutive weeks before the week in which the public hearing will take place. 2 |
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| 46 | 46 | | Notice of the date, time, and location of the public hearing shall also be posted on the town's 3 |
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| 47 | 47 | | website. 4 |
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| 48 | 48 | | (d) Before enacting such a resolution, the town council shall find that approving the 5 |
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| 49 | 49 | | exemption or stabilization will benefit the town because of the agreement of the property owner to 6 |
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| 50 | 50 | | invest an additional ten million dollars ($10,000,000) in the property during the period for which 7 |
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| 51 | 51 | | taxes have been partially exempted or stabilized by constructing new buildings or facilities or 8 |
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| 52 | 52 | | replacing, reconstructing, converting, expanding, or remodeling existing buildings or facilities. 9 |
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| 53 | 53 | | (e) During the period for which taxes have been partially exempted or stabilized, the 10 |
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| 54 | 54 | | property shall not be further liable to taxation by the town; provided, however, that the property 11 |
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| 55 | 55 | | shall be assessed for and shall pay that portion of the tax assessed by the town for the payment of 12 |
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| 56 | 56 | | indebtedness of the town and for appropriation to any sinking fund of the town. 13 |
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| 57 | 57 | | (f) A resolution to partially exempt or stabilize taxes under the authority of this section 14 |
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| 58 | 58 | | shall be considered null and void and of no further force and effect if the property owner or owners 15 |
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| 59 | 59 | | are delinquent in the payment of any property taxes, including, but not limited to, any quarterly 16 |
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| 60 | 60 | | installment tax payment, or if the property no longer satisfies the criteria for qualifying property. 17 |
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| 61 | 61 | | SECTION 2. This act shall take effect upon passage. 18 |
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| 62 | 62 | | ======== |
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| 63 | 63 | | LC003195 |
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| 64 | 64 | | ======== |
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| 65 | 65 | | |
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| 66 | 66 | | |
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| 67 | 67 | | LC003195 - Page 3 of 3 |
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| 68 | 68 | | EXPLANATION |
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| 69 | 69 | | BY THE LEGISLATIVE COUNCIL |
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| 70 | 70 | | OF |
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| 71 | 71 | | A N A C T |
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| 72 | 72 | | RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION |
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| 73 | 73 | | *** |
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| 74 | 74 | | This act would authorize the town of Richmond's town council to partially exempt 1 |
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| 75 | 75 | | qualifying real estate from the payment of property taxes or to determine a stabilized amount of 2 |
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| 76 | 76 | | taxes to be paid on qualifying real property. 3 |
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| 77 | 77 | | This act would take effect upon passage. 4 |
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| 78 | 78 | | ======== |
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| 79 | 79 | | LC003195 |
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| 80 | 80 | | ======== |
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