§ 44-5-61 - Coventry – Exemption or stabilizing of taxes on qualifying property used for manufacturing or commercial purposes in the town.
SECTION 44-5-61
§ 44-5-61 Coventry – Exemption orstabilizing of taxes on qualifying property used for manufacturing orcommercial purposes in the town. – (a) Except as provided, the town council of the town of Coventry may vote toauthorize, for a period not to exceed ten (10) years, and subject to theconditions provided, to exempt from payment, in whole or in part, real andpersonal property used for manufacturing or commercial purposes, or todetermine a stabilized amount of taxes to be paid on account of the property,notwithstanding the valuation of the property or the rate of tax; provided,that after public hearings, at least ten (10) days' notice of which is given ina newspaper having a general circulation in the town, the town councildetermines that:
(1) Granting of the exemption or stabilization of taxesinures 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 expend facilities with an increase in employment; or
(2) Granting of the exemption or stabilization of taxesinures 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 the firm or concern in its commercial enterprise including, withoutlimitation, furniture, fixtures, equipment, machinery, stock in trade, andinventory.
(d) Except as provided, property, the payment of taxes onwhich has been so exempted or which is subject to the payment of a stabilizedamount of taxes, is not, during the period for which the exemption orstabilization of the amount of taxes is granted, further liable to taxation bythe town in which the property is located so long as the property is used forthe manufacturing or commercial purposes for which the exemption or stabilizedamount 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 Coventry for the purpose of paying theindebtedness 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 thereon, and for appropriation to any sinking fund ofthe town, which portion of the tax shall be paid in full, and the taxes soassessed and collected shall be kept in a separate account and used only forthat purpose.