§ 44-5-55.1 - Burrillville – Tax assessment stabilization. - Rhode Island Statutes

SECTION 44-5-55.1

   § 44-5-55.1  Burrillville – Taxassessment stabilization. – The town of Burrillville is authorized to establish by ordinance a process tostabilize tax assessments for improvements made to certain properties locatedin areas of town that have been designated substandard in and pursuant to theland use chapter of the town's comprehensive plan. Specifically, said ordinanceshall provide that any exterior improvements made to any commercial,industrial, and/or mixed use buildings located in areas that have beenidentified as substandard areas as aforesaid shall not be subject to anyincrease in the tax assessment levied against said property directly related toand because of said improvement. Such prohibition against an increase in thetax assessment based upon these improvement shall be in place for a period notto exceed ten (10) years from the date on which the work on the improvementsshall have begun. The ordinance shall also include a process for an applicantto apply and qualify for said tax stabilization.