The bill proposes an amendment to Chapter 44-5 of the General Laws, specifically adding a new section that pertains to the assessment and taxation of new real estate construction in the city of Woonsocket. The new section, 44-5-13.41, stipulates that completed new construction, including manufactured homes or living units on leased land, will be liable for municipal taxes from the date a certificate of use and occupancy is issued or from the date the construction is first used for its intended purpose, whichever comes first. The taxes will be prorated for the assessment year in which the construction is completed, based on the applicable tax rate for the property at the time it becomes liable for the prorated tax.

The bill outlines the process for the building official to notify the assessor of the issuance of the certificate, and for the assessor to determine and prorate the additional assessment for the new construction. It also provides a mechanism for the tax collector to bill the owner and collect the taxes, which are due and payable as other municipal taxes. There is a provision for appeals against the assessor's action to the assessment board of review or to superior court. The bill ensures that the new section does not authorize double taxation on the land where the new construction is located and specifies that this section applies only to taxes levied and property assessed in the city of Woonsocket. The act would take effect upon passage.