R.I. Gen. Laws § 44-5-55.1 — Burrillville — Tax levy assessment stabilization

The town of Burrillville is authorized to establish by ordinance a process to stabilize
tax assessments and/or provide tax credits for physical improvements made to certain
properties located in areas of town that have been designated substandard by the town’s
comprehensive plan or as may be separately designated by the town council. Specifically,
said ordinance shall provide that physical improvements made to any commercial, industrial,
mixed use buildings, and apartment houses with six (6) or more legal units located
in areas that have been designated may be eligible for tax stabilization and/or a
tax credit against their real estate tax levy as set forth in the town’s ordinance.
The stabilization granted or tax credit based upon these improvements shall be in
place for a period not to exceed ten (10) years from the date on which the work on
the improvements shall have been completed. All improvements made to the property
will be assessed accordingly as of December 31 of each year per § 44-5-1. The ordinance shall also include a process for an applicant to apply and qualify
for said credits.