The bill amends Section 44-5-11.8 of the General Laws regarding the classification of property for tax purposes. It allows the town of Middletown to adopt a tax classification plan that divides residential real estate into non-owner and owner-occupied properties, enabling the establishment of separate tax rates for each category. This provision is intended to provide the town with the ability to manage its tax structure while complying with existing tax rate restrictions.

If Middletown chooses to implement this classification plan, it must provide rules and regulations governing the division and definition of non-owner and owner-occupied properties. The act will take effect upon passage, allowing for immediate implementation of these changes in tax classification.

Statutes affected:
5694: 44-5-11.8