The bill amends Section 44-5-76.2 of the General Laws in Chapter 44-5, which is titled "Levy and Assessment of Local Taxes," specifically concerning property tax classification in the city of Newport. The amendment includes a new insertion that mandates the property tax rate for each classification to be uniform within each class, with the exception of non-owner occupied and owner-occupied properties as provided for in § 44-5-76.1 (b). It also removes language that previously required any tax rate changes from one year to the next to be applied uniformly across all classes, and that in the first year following a comprehensive revaluation or update, the city could set the effective tax rate for any class not to exceed a 50% difference from the rate applicable to any other class.

The bill also confirms that the tax rates applicable to motor vehicles within class four are governed by § 44-34.1-1 and that the provisions of chapter 35 of this title relating to property tax and fiscal disclosure apply to the reporting of and compliance with these classification restrictions. The act is set to take effect upon passage, indicating that the changes will be implemented immediately once the bill is enacted.

Statutes affected:
1092: 44-5-76.2