The bill amends Section 44-5-2 of the General Laws regarding the maximum levy of local taxes, specifically providing an exemption for the town of Jamestown from the four percent (4%) property tax levy cap. The new legal language inserted into the bill allows Jamestown, as long as it utilizes a financial town meeting, to approve an annual budget that includes a proposed levy increase exceeding the percentage increase specified in subsections (a) or (b). This proposed levy must be clearly listed in the budget submitted to and approved by the voters at a properly conducted financial town meeting.

Additionally, the bill outlines the conditions under which a city or town may exceed the specified percentage increases in tax levies, including situations involving loss of non-property tax revenues, emergencies, debt service expenditures, or substantial growth in the tax base. The approval for any excess levy must be granted by a significant majority of the governing body or, in the case of Jamestown, by a majority of the electors present at the financial town meeting. The act is set to take effect upon passage.

Statutes affected:
6216: 44-5-2