The bill amends Chapter 44-3 of the General Laws by adding a new section, 44-3-9.8.1, which authorizes the town council of West Greenwich to provide exemptions and/or stabilization of taxes on qualified properties used for residential purposes, including low- and moderate-income housing. The council may grant these exemptions or determine a stabilized tax amount after conducting a public hearing, with a ten-day notice published in a local newspaper. This initiative aims to assist the town in meeting its goal of having ten percent of its year-round housing units designated as low- and moderate-income housing.

The bill defines "qualified property" as property that has an approved comprehensive permit project, with final plan approval recorded. It allows for agreements to be made for a period of up to thirty years. Properties that receive tax exemptions or stabilization will not be liable for further taxation during the exemption period, as long as they remain qualified properties. Additionally, owners of qualifying low-income housing in West Greenwich under section 44-5-13.11 are entitled to the tax treatment provided under that section and may choose to seek tax exemption and/or stabilization under this new section, ensuring that the tax treatment remains no less favorable. The act will take effect upon passage.