The bill amends Section 44-5-11.8 of the General Laws concerning the classification of property for tax purposes. It introduces a new provision allowing 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. If Middletown chooses to implement this classification plan, it must provide rules and regulations governing the definitions and divisions of these property types. The bill also maintains existing limitations on tax classification plans, including the requirement that the effective tax rate for any class, excluding Class 4, cannot exceed 50% of the rate applicable to any other class, with certain exceptions for specific towns. The act will take effect upon passage.

Statutes affected:
5694: 44-5-11.8