This bill amends the property tax classification system for the city of Pawtucket by updating the definitions and classifications of taxable properties. Specifically, it raises the threshold for Class 1 properties from five dwelling units to six, provided that at least one unit is owner-occupied. Additionally, it introduces a new Class 5, which includes residential real estate consisting of not more than five dwelling units where no units are owner-occupied. The bill stipulates that Class 5 property tax rates cannot exceed 175% of Class 1 property tax rates.

The bill also establishes new sections outlining the eligibility and list of ratable property for Pawtucket's property tax classification. It specifies that the rate of taxation shall be uniform within each class and that the duties of the assessor and finance director regarding property valuation and taxation are defined. The assessor is required to conduct a full valuation of all taxable properties, and the finance director is granted the authority to apply different tax rates to each property class, ensuring uniformity within each class. The changes aim to create a more equitable property tax system in Pawtucket.