The bill amends Section 44-5-12 of the General Laws concerning the assessment of local taxes, specifically focusing on the valuation of real property for taxation purposes. The key insertion in the bill is the establishment of a new provision that mandates assessors to use the most recent sales price of properties classified as low- and moderate-income housing, as defined in § 45-53-3, for the purpose of determining their assessed value. This change aims to ensure that the assessed value reflects current market conditions for owner-occupied homeownership units, thereby potentially reducing the tax burden on these properties.

Additionally, the bill retains existing provisions regarding the assessment of various types of properties, including residential, farmland, and renewable energy resources, while also providing exemptions for certain improvements made to residential properties in specific cities like Warwick and Central Falls. The act is designed to take effect immediately upon passage, indicating a prompt implementation of these changes to local tax assessments.