As used in this article, the following terms shall have the
meanings indicated:
APPLICANT
The lessee or property owner who initiates the property tax
stabilization application process.
PROPERTY
The land, buildings and/or facilities where the expansion,
construction or renovation occurs or business tangible property.
The purpose of this article is to promote business expansion
in the City through the development of a property tax stabilization
program.
[Amended 12-21-2017 by Ch. No. 3148; 2-6-2020 by Ch. No. 3214]
A five-year tax treaty may be granted by the administration
as an effort to promote commerce or investment in the City of Pawtucket.
A. Exemptions.
(1) For expansion or renovation of any existing facility, construction
of a new facility, the addition of tangible business property or leasehold
improvements, the percentage of new added taxable assessment shall
be stabilized in accordance with the following tax exemption schedule
(the below tax exemption schedules may be modified with the approval
of the City Council, after its review of the facts and circumstances
of a specific project):
Year
|
Percentage Exempt from Tax
|
---|
1
|
100%
|
2
|
80%
|
3
|
60%
|
4
|
40%
|
5
|
20%
|
6
|
0%
|
(a)
In Year 6 and thereafter, the new value will be taxed at the
normal rate for the City.
(2) For expansion or renovation of any existing facility, or construction
of a new facility, which is subject to the Pawtucket Percent for Public
Art Ordinance and is eligible for tax stabilization under this section,
shall be stabilized in accordance with the following tax exemption
schedule:
Year
|
Percentage Exempt from Tax
|
---|
1
|
100%
|
2
|
100%
|
3
|
80%
|
4
|
60%
|
5
|
40%
|
6
|
20%
|
7
|
0%
|
(a)
In Year 7 and thereafter, the new value will be taxed at the
normal rate for the City.
(3) For expansion or renovation of any existing facility, construction of a new facility, addition of tangible business property or construction of leasehold improvements whose taxable value is in excess of $5,000,000, the requirements as prescribed under §
363-80 of this article may apply. The applicant may elect, however, to proceed with the five-year administrative stabilization program.
B. The exemption provided for herein will not relate to the value of
land, but to the value of related improvements and tangible business
property only. Tax assessment and collection practices and procedures
will be the same as for any other property, including revaluation
and improvements unrelated to stabilization, except for the application
of the tax stabilization provided for herein.
C. Leasehold improvements will be classified as tangible business property
in order to qualify for the exemption provided for herein, provided
they are physically attached to the building.
D. All exemptions granted pursuant to this tax stabilization program
may be transferred in the event the property is sold during the term
of the stabilization program.
In the event the expansion or renovation of any existing facility, construction of a new facility or leasehold improvements of an existing facility exceeds $5,000,000 in taxable value, as determined by the City Assessor, the amount of the tax stabilization and the length of term of the stabilization may be granted to 10 years as determined by the City Council, subject to the requirements set forth in §
363-80 of this article.
[Added 8-21-2019 by Ch.
No. 3201]
In the event the expansion or renovation of any existing facility, construction of a new facility or leasehold improvements of an existing facility exceeds $15,000,000 in taxable value, as determined by the City Assessor, the amount of the tax stabilization and the length of term of the stabilization may be granted to 15 years as determined by the City Council, subject to the requirements set forth in §
363-80 of this article.
[Added 8-21-2019 by Ch.
No. 3201; 2-6-2020 by Ch. No. 3214]
A. Schedule.
Year
|
Percentage Exempt from Tax
|
---|
1
|
100%
|
2
|
95%
|
3
|
90%
|
4
|
85%
|
5
|
80%
|
6
|
75%
|
7
|
70%
|
8
|
65%
|
9
|
60%
|
10
|
55%
|
11
|
50%
|
12
|
40%
|
13
|
30%
|
14
|
20%
|
15
|
0%
|
In Year 15 and thereafter, the new value will be taxed at the
normal rate for the City.
The above schedule may be modified at the discretion of the
City Council, after its review of the facts and circumstances of a
specific project.
|
B. For expansion or renovation of any existing facility or construction
of a new facility or leasehold improvements of an existing facility,
which is subject to the Pawtucket Percentage for Public Art Ordinance
and is eligible for tax stabilization under 363-78 of this article,
may be stabilized in accordance with the following tax exemption schedule,
subject to the requirements set forth in 363-80 of this article.
Year
|
Percentage Exempt from Tax
|
---|
1
|
100%
|
2
|
100%
|
3
|
95%
|
4
|
90%
|
5
|
85%
|
6
|
80%
|
7
|
75%
|
8
|
70%
|
9
|
65%
|
10
|
60%
|
11
|
55%
|
12
|
50%
|
13
|
30%
|
14
|
30%
|
15
|
20%
|
16
|
0%
|
Application procedure will be the same as for the Ten-Year Tax
Stabilization Program.
The above schedule may be modified at the discretion of the
City Council, after its review of the facts and circumstances of a
specific project.
|
In the event the expansion or renovation of any existing facility, construction of a new facility or leasehold improvements of an existing facility exceeds $20,000,000 in taxable value, as determined by the City Assessor, the amount of the tax stabilization and the length of term of the stabilization may be granted to 20 years as determined by the City Council, subject to the requirements set forth in §
363-80 of this article.
[Amended 2-6-2020 by Ch. No. 3214]
Year
|
Percentage Exempt from Tax
|
---|
1
|
100%
|
2
|
100%
|
3
|
95%
|
4
|
90%
|
5
|
85%
|
6
|
80%
|
7
|
75%
|
8
|
70%
|
9
|
65%
|
10
|
60%
|
11
|
55%
|
12
|
50%
|
13
|
45%
|
14
|
40%
|
15
|
35%
|
16
|
30%
|
17
|
25%
|
18
|
20%
|
19
|
15%
|
20
|
0%
|
Application procedure will be the same as for the Ten-Year Tax
Stabilization Program.
The above schedule may be modified at the discretion of the
City Council, after its review of the facts and circumstances of a
specific project.
|