Summary: The bill amends Section 44-3-3 of the General Laws in Chapter 44-3, focusing on property subject to taxation and introducing new legal language that clarifies the types of properties exempt from taxation. It establishes a new category titled "Property exempt," which removes the previous provision that exempted state-owned property from local property taxes. The bill specifies that property belonging to the state is no longer exempt, thereby refining the criteria for tax exemptions.

Additionally, the bill outlines conditions under which properties owned by religious organizations, educational institutions, and charitable entities may qualify for tax exemption, while ensuring that properties leased to non-exempt entities will be taxed to the tenant. It also includes provisions for the taxation of for-profit hospital facilities, determining their real property value based on the most recent local assessments and allowing for stabilization agreements with municipalities. Furthermore, the bill empowers local governing bodies to establish exemptions for tangible personal property to encourage economic development, particularly for small businesses. The changes proposed in the act are set to take effect upon passage.

Statutes affected:
6011: 44-3-3