The bill amends Section 44-5-20.02 of the General Laws in Chapter 44-5, which pertains to the classification of property for tax purposes in Central Falls. It introduces new legal language that defines "Class 5" property to include the commercial portion of mixed-use properties, thereby expanding the classification criteria. Additionally, the bill specifies that the tax rate for "Class 3" property, which encompasses personal property previously subject to tax, will be fixed at thirty-eight dollars and thirty-three cents ($38.33) per one thousand dollars ($1,000), replacing the previous flexible rate structure.

Furthermore, the bill removes the previous provisions that limited the tax rates for Class 2, Class 5, and Class 3 properties in relation to Class 1 property. Specifically, it deletes the stipulation that the tax rate for Class 2 cannot exceed two times that of Class 1, Class 5 cannot exceed three times, and Class 3 cannot exceed four times. Instead, the new language establishes a fixed tax rate for Class 3, simplifying the tax structure for property classifications in Central Falls. The act will take effect upon passage.

Statutes affected:
6123: 44-5-20.02