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 for a period of up to twenty years. 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 in order to exempt or stabilize taxes on the property. The property would still be assessed and required to pay taxes for town indebtedness and sinking funds. The resolution would be null and void if the property owner is delinquent in paying property taxes or if the property no longer meets the criteria for qualifying property. This act would take effect upon passage.