The bill amends Section 44-3-3 of the General Laws in Chapter 44-3, which addresses property subject to taxation, by introducing new exemptions for various categories of property. Specifically, the bill exempts the real and tangible personal property of the Center for Southeast Asians, a Rhode Island domestic nonprofit corporation located in Providence. The properties identified for exemption include 105 Glenham Street, 270 Elmwood Avenue, and 126 Princeton Avenue, along with their respective assessor's plat designations.

The bill also maintains existing exemptions for properties owned by the state, lands belonging to the United States, and real estate used exclusively for military purposes. Additionally, it specifies exemptions for properties associated with educational and religious organizations, healthcare facilities, and institutions of higher education. The bill includes provisions for manufacturing machinery, hydroelectric power-generation equipment, and tangible personal property used for recycling or hazardous waste treatment, emphasizing the need for local council authorization for some exemptions.

Furthermore, the bill addresses the taxation of for-profit hospital facilities, establishing that their property value will be based on the most recent revaluation and allowing for appeals regarding assessed values. It permits cities and towns to enter stabilization agreements with these facilities and empowers local governing bodies to create exemptions for tangible personal property to support local businesses, including small enterprises. The act would take effect upon passage.

Statutes affected:
497: 44-3-3