The bill amends Section 44-5-20.02 of the General Laws in Chapter 44-5, which pertains to the levy and assessment of local taxes in Central Falls. It defines Class 5 property to include the commercial portion of mixed-use properties and clarifies that Class 2 property includes the residential portion of such properties. The bill establishes that the tax rate for Class 3 property will remain fixed at thirty-eight dollars and thirty-three cents ($38.33) per one thousand dollars ($1,000), maintaining the rate that was in effect at the passage of Section 44-5-12.2.

Additionally, the bill removes previous provisions that set maximum tax rate multipliers for Classes 2, 5, and 3 in relation to Class 1, thereby simplifying the tax structure. This act is set to take effect upon passage, aiming to clarify property classifications and stabilize tax rates within the city.

Statutes affected:
6123: 44-5-20.02
6123  SUB A: 44-5-20.02
6123  SUB A as amended: 44-5-20.02