The bill amends Section 44-5-11.8 of the General Laws concerning the classification of property for local tax purposes. It allows the town council of New Shoreham, in lieu of a homestead exemption, to adopt a tax classification plan that divides residential real estate into non-owner and owner-occupied properties. This enables the adoption of separate tax rates for each category, provided that the plan complies with existing tax rate restrictions. The town is also required to establish rules and regulations governing the division and definition of non-owner and owner-occupied properties. The act is set to take effect upon passage, allowing the town to implement these changes promptly.

Statutes affected:
6090: 44-5-11.8
6090  SUB A: 44-5-11.8