§ 44-3-9.2 - North Smithfield – Exemption or stabilizing of taxes on qualifying property used for manufacturing or commercial purposes.
SECTION 44-3-9.2
§ 44-3-9.2 North Smithfield –Exemption or stabilizing of taxes on qualifying property used for manufacturingor commercial purposes. – (a) Except as provided in this section, the town council of the town of NorthSmithfield may vote to authorize, for a period not to exceed ten (10) years,and subject to the conditions provided in this section, to exempt from payment,in whole or in part, real and personal property used for manufacturing orcommercial purposes, or to determine a stabilized amount of taxes to be paid onaccount of the property, notwithstanding the valuation of the property or therate of tax; provided, that after public hearings, at least ten (10) days'notice of which shall be given in a newspaper having a general circulation inthe town, the town council determines that:
(1) Granting of the exemption or stabilization of taxes willinure to the benefit of the town by reason of:
(i) The willingness of the manufacturing or commercial firmor concern to locate in the town; or
(ii) The willingness of a manufacturing or commercial firm orconcern to expand facilities with an increase in employment; or
(2) Granting of the exemption or stabilization of taxes willinure to the benefit of the town by reason of the willingness of amanufacturing or commercial firm or concern to replace, reconstruct, expand, orremodel existing buildings, facilities, fixtures, machinery, or equipment withmodern buildings, facilities, fixtures, machinery, or equipment resulting in anincrease in plant or commercial building investment by the firm or concern inthe town.
(b) For purposes of this section, "real property used forcommercial purposes" includes any building or structure used for offices orcommercial enterprises including without limitation any building or structureused for wholesale, warehouse, distribution, and/or storage businesses, usedfor service industries, or used for any other commercial business and the landon which the building or structure is situated and not used for residentialpurposes.
(c) For purposes of this section, "personal property used forcommercial purposes" means any personal property owned by a firm or concernoccupying a building, structure, and/or land used for commercial purposes andused by such firm or concern in its commercial enterprise including, withoutlimitation, furniture, fixtures, equipment, machinery, stock in trade, andinventory.
(d) 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 town in which the property is located so long as theproperty is used for the manufacturing or commercial purposes for which theexemption or stabilized amount of taxes was made.
(e) Notwithstanding any vote and findings by the towncouncil, the property shall be assessed for and shall pay that portion of thetax, if any, assessed by the town of North Smithfield for the purpose of payingthe indebtedness of the town and the indebtedness of the state or any politicalsubdivision of the state to the extent assessed upon or apportioned to thetown, and the interest on the indebtedness, and for appropriation to anysinking fund of the town, which portion of the tax shall be paid in full, andthe taxes so assessed and collected shall be kept in a separate account andused only for that purpose.