§ 45-13-14 - Adjustments to tax levy, assessed value, and full value when computing state aid.
SECTION 45-13-14
§ 45-13-14 Adjustments to tax levy,assessed value, and full value when computing state aid. – (a) Whenever the director of revenue computes the relative wealth ofmunicipalities for the purpose of distributing state aid in accordance withtitle 16 and the provisions of § 45-13-12, he or she shall base it on thefull value of all property except:
(1) That exempted from taxation by acts of the generalassembly and reimbursed under § 45-13-5.1 of the general laws, which shallhave its value calculated as if the payment in lieu of tax revenues receivedpursuant to § 45-13-5.1, has resulted from a tax levy;
(2) That whose tax levy or assessed value is based on a taxtreaty agreement authorized by a special public law or by reason of agreementsbetween a municipality and the economic development corporation in accordancewith § 42-64-20 prior to May 15, 2005, which shall not have its valueincluded;
(3) That whose tax levy or assessed value is based on taxtreaty agreements or tax stabilization agreements in force prior to May 15,2005, which shall not have its value included;
(4) That which is subject to a payment in lieu of taxagreement in force prior to May 15, 2005;
(5) Any other property exempt from taxation under state law;or
(6) Any property subject to chapter 27 of title 44, taxationof Farm, Forest, and Open Space Land.
(b) The tax levy of each municipality and fire district shallbe adjusted for any real estate and personal property exempt from taxation byact of the general assembly by the amount of payment in lieu of property taxrevenue anticipated to be received pursuant to § 45-13-5.1 relating toproperty tax from certain exempt private and state properties, and for anyproperty subject to any payment in lieu of tax agreements, any tax treatyagreements or tax stabilization agreements in force after May 15, 2005, by theamount of the payment in lieu of taxes pursuant to such agreements.
(c) Fire district tax levies within a city or town shall beincluded as part of the total levy attributable to that city or town.
(d) The changes as required by subsections (a) through (c) ofthis section shall be incorporated into the computation of entitlementseffective for distribution in fiscal year 2007-2008 and thereafter.