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

New property tax relief in Coventry

Effective upon passage, the law lets Coventry's Town Council grant property tax relief for up to 20 years. The council can waive some or all qualifying real and personal property taxes or set a stable tax amount. Eligible property includes affordable housing, homes, manufacturing, commercial and mixed-use property, historically preserved property, and property cleaned of environmental contamination. Covered property includes buildings, their land, and qualifying business furniture, fixtures, equipment, machinery, stock and inventory. Renewable energy resources also qualify for tax stabilization. Approval requires public hearings, at least 10 days' notice in a Coventry newspaper, and a finding that relief benefits the town. Qualifying benefits include attracting businesses or residents, expanding facilities with more jobs, or retaining or expanding facilities without substantially cutting staff. Other grounds include building improvements with long-term economic benefits for the town and state, or opening hard-to-develop contaminated sites. Employment-based relief can cover new buildings and equipment, or existing buildings and equipment for current employers. Property must keep its approved use to retain protection from further town taxes during the relief period. Any taxes required for covered public debts, interest and sinking-fund payments remain payable in full. The town must keep those payments in a separate account used only for those purposes.