This bill amends the property tax classification system for the city of Pawtucket by updating the definitions and classifications of taxable properties. 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 establishes a new Class 5, which includes all residential real estate consisting of not more than five dwelling units where no units are owner-occupied. The bill clarifies that mobile and manufactured homes are included in both classifications based on their occupancy status.

Furthermore, the bill provides that the tax rates for Class 2 and Class 5 properties shall not exceed 175% of the tax rates for Class 1 properties. The rate of taxation shall be uniform within each class. The changes will take effect upon passage.