The bill amends Section 44-5-11.8 of the General Laws regarding the classification of property for tax purposes. It introduces a new provision allowing the town council of New Shoreham, in lieu of a homestead exemption, to adopt a tax classification plan that divides residential real estate into non-owner and owner-occupied properties. This plan enables the adoption of separate tax rates for each category, provided it complies with existing tax rate restrictions. The town of New Shoreham is required to establish rules and regulations governing the division and definition of non-owner and owner-occupied properties. The act is set to take effect upon passage, allowing the town to implement these changes promptly.

Statutes affected:
1009: 44-5-11.8
1009  SUB A: 44-5-11.8