This bill would amend Chapter 44-3 of the General Laws to authorize the town council of Richmond to partially exempt or stabilize taxes on qualifying residential property. Qualifying real property is defined as residential property located in a mixed-use commercial and residential development, with a total assessed value of at least $10,000,000 and used as short-term rental property for at least 26 weeks per year. The town council would need to enact a resolution after a public hearing to exempt or stabilize taxes on the property. The property owner would need to invest an additional $10,000,000 in the property during the period of the exemption or stabilization. The property would not be further liable for taxation by the town during this period, except for taxes for the payment of town indebtedness and sinking funds. The resolution would be null and void if the property owner is delinquent in property tax payments or if the property no longer meets the criteria for qualifying property. This act would take effect upon passage.