§ 44-3-9.1 - Woonsocket – Exemption or stabilizing of taxes on qualifying property located in designated districts in the city.
SECTION 44-3-9.1
§ 44-3-9.1 Woonsocket – Exemption orstabilizing of taxes on qualifying property located in designated districts inthe city. – (a) Except as provided in this section, the city council of the city ofWoonsocket 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 astabilized amount, of taxes to be paid on account of the qualifying propertylocated within a district designated by the city council, notwithstanding thevaluation of the property or the rate of tax; provided, that after a publichearing, at least ten (10) days' notice of which shall be given in a newspaperhaving a general circulation in the city, the city council determines thatdesignation of the district and granting of the exemption or stabilization forqualifying property located in the city will inure to the benefit of the cityby reason of the willingness of owners of qualifying property to replace,reconstruct, expand, or remodel existing buildings, facilities, machinery, orequipment with modern buildings, facilities, fixtures, machinery, or equipment,or to construct new buildings or facilities or acquire new machinery orequipment for use in such buildings or facilities, resulting in an increase ininvestment by such owners in the city.
(b) For purposes of this section, "qualifying property" meansany building or structures used or intended to be used essentially for officesor commercial enterprises or for residential purposes.
(c) Except as provided in this section, property, the paymentof taxes on which has been so exempted or which is subject to the payment of astabilized amount of taxes, shall not, during the period for which theexemption or stabilization of the amount of taxes is granted, be further liableto taxation by the city so long as that property is used or intended to be usedfor the manufacturing, commercial, or residential purposes for which theexemption or stabilized amount of taxes was made.
(d) Notwithstanding any vote and findings by the citycouncil, the property shall be assessed for and shall pay that portion of thetax, if any, assessed by the city, for the purpose of paying the indebtednessof the city and the indebtedness of the state or any political subdivision ofthe state to the extent assessed upon or apportioned to the city, and theinterest on the indebtedness, and for appropriation to any sinking fund of thecity, which portion of the tax shall be paid in full, and the taxes so assessedand collected shall be kept in a separate account and used only for thatpurpose.