Bill > H6343

This bill allows the town council of Coventry to provide tax exemptions or stabilize taxes for certain types of properties for up to 20 years, specifically targeting properties that have undergone environmental remediation, are historically preserved, or are used for affordable housing, manufacturing, commercial, residential, or mixed-use purposes. The town council can grant these tax benefits after holding public hearings if they determine the exemption will benefit the town, such as attracting new businesses, encouraging expansion of existing businesses, improving the physical infrastructure, or making previously undevelopable land usable. The bill defines "real property" and "personal property" for these purposes and specifies that while properties may be fully or partially exempt from taxation, they must still pay taxes related to the town's indebtedness. The bill also extends tax stabilization agreements to renewable energy resources, and the tax exemption remains in effect as long as the property is used for the intended purpose for which the exemption was granted. The act will take effect immediately upon passage.

Housing and Urban Affairs

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