The bill amends Section 44-5-11.8 of the General Laws in Chapter 44-5, titled "Levy and Assessment of Local Taxes," to allow for the adoption of a tax classification plan by any city or town following a comprehensive revaluation or update. The plan must adhere to certain limitations, such as the designated classes of property being limited to those defined in subsection (b), and the effective tax rate for any class, excluding motor vehicles, not exceeding 50% of the rate applicable to any other class, with specific exceptions for certain towns and the city of Providence. The bill also outlines the different classes of property, including residential real estate, commercial and industrial real estate, tangible personal property, and motor vehicles. It provides for the possibility of homestead exemptions and different tax rates for owner-occupied and non-owner-occupied properties within the residential class. The bill includes a new insertion that specifically allows the town council of New Shoreham to adopt a tax classification plan in accordance with the provisions of subsections (a) and (b) of this section, to be applicable to taxes assessed on or after the assessment date of December 31, 2023. This insertion is the only change to the existing law, as indicated by the tags. The act would take effect upon passage, enabling New Shoreham to implement a tax classification plan that could potentially alter the tax rates for different classes of property within the town starting from the specified assessment date.

Statutes affected:
303: 44-5-11.8