§ 44-3-11 - South Kingstown and Narragansett – Exemption of railroad property. - Rhode Island Statutes

SECTION 44-3-11

   § 44-3-11  South Kingstown and Narragansett– Exemption of railroad property. – The electors of the towns of South Kingstown and Narragansett, or either of thetowns, qualified to vote on a proposition to impose a tax, when legallyassembled, may vote to exempt, or may authorize the town council of the town toexempt, from taxation the real and personal property located within the town ofany railroad corporation, the motive power of which is steam, gas, orelectricity, and whose right of way and tracks lie wholly within the boundariesof this state until and unless in the fiscal year preceding the date forassessment of taxes in the town, the net receipts of the railroad applicable todividends or other form of distribution of corporate earnings shall in the yearamount to a sum that is not less than two percent (2%) of the aggregatevaluation of the property of the railroad as determined by the InterstateCommerce Commission or other federal board of appraisement, or in the absenceof the determination, of the total capital stock paid in and earned surplus ofthe railroad. Property so exempted under this section shall not during theperiod of exemption be liable to taxation, except and unless upon theconditions stated in this section.