2020 Rhode Island General Laws
Title 44 - Taxation
Chapter 44-5 Levy and Assessment of Local Taxes
Section 44-5-55.2 Burrillville - Tax levy and stabilization. [As added by P.L. 2020, ch. 50, § 2.]
§ 44-5-55.2. Burrillville - Tax levy and stabilization. [As added by P.L. 2020, ch. 50, § 2.]
The town of Burrillville is authorized to establish by ordinance a process to stabilize tax assessments and provide tax credits for physical improvements made to certain properties located in areas of town that have been designated substandard by the town's comprehensive plan or as may be separately designated by the town council. Specifically, the ordinance shall provide that physical improvements made to any commercial, industrial, mixed-use buildings, and apartment houses with six (6) or more legal units located in areas that have been designated substandard may be eligible for either a tax stabilization or a tax credit against their real estate tax levy as set forth in the town's ordinance. The stabilization granted or tax credit based upon these improvements shall be in place for a period not to exceed ten (10) years from the date on which the work on the improvements shall have been completed. All improvements made to the property will be assessed accordingly as of December 31 of each year pursuant to § 44-5-1. The ordinance shall also include a process for an applicant to apply and qualify for the tax stabilization or tax credits.
History of Section.
(P.L. 2020, ch. 50, § 2.)
