The bill amends Section 45-2-2 of the General Laws in Chapter 45-2, entitled "General Powers," to include new provisions regarding the power of towns and cities to tax property. The amendment allows towns and cities to raise money through a tax on real or personal estate to pay debts, cover expenses, and include their proportion of any state tax. The bill specifies that such taxes must be voted on at a legal meeting of the town or city electors.

Additionally, the bill introduces a new subsection (b), which imposes a vacancy tax of one percent (1%) on the total assessed value of all real property taxed under subsection (a), specifically targeting vacant units as established by the city or town. The act is set to take effect immediately upon passage. This means that once the bill is passed, towns and cities will have the authority to implement this vacancy tax on top of the existing property taxes.

Statutes affected:
884: 45-2-2