§ 44-3-9.4 - Middletown – Economic development tax incentive program – Assessed valuation exemptions or stabilizing of taxes.
SECTION 44-3-9.4
§ 44-3-9.4 Middletown – Economicdevelopment tax incentive program – Assessed valuation exemptions orstabilizing of taxes. – (a) The town council of the Town of Middletown may, by ordinance, provide for aschedule of exemptions from assessed valuation for real and personal propertyof property owners or businesses which create jobs in the town and whichqualify under such ordinance.
(b) The town council of the Town of Middletown may, byordinance, provide for a schedule of exemptions from assessed valuation ordetermine a stabilized amount of taxes to be paid for real and personalproperty of property owners or businesses for any retrofit, expansion orrenovation of specifically permitted uses under such ordinance and whichqualify under such ordinance. The ordinance shall specify the kinds ofretrofitting, expansion and renovation for which exemptions or stabilizationwill be permitted. The exemption shall be for a period of no more than five (5)years.
(c) The amount of the exemption or stabilization and therules and regulations regarding the eligibility and qualification for theexemption or stabilization shall be provided by ordinance and the town councilmay, from time to time, by amendment to the ordinance, make those changes inthe amount of exemption or stabilization or in the rules and regulationsregarding eligibility and qualification for exemption as it deems necessary.