AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION .

Coventry property owners gain tax relief options

Effective upon passage, the law lets Coventry approve full or partial property-tax exemptions or fixed tax amounts for up to 20 years. Relief covers qualifying real estate and personal property, such as business equipment. Eligible properties include cleaned-up contaminated sites, preserved historic properties, affordable housing, manufacturing, commercial, residential, and mixed-use properties. New buildings and equipment, expansions, and existing employers' buildings and equipment can qualify. Renewable energy resources also qualify for fixed-tax agreements. Approval requires public hearings and at least 10 days' notice in a newspaper serving Coventry. The council must find a town benefit through attracting businesses or residents, supporting jobs, long-term economic gains, or environmental cleanup. Relief is not automatic, and property must keep its qualifying use. Taxes for town debt and state debt allocated to Coventry remain due, including interest and debt-repayment funds. Those collections must stay in a separate account used only for debt payments.