The bill amends Section 44-5-11.8 of the General Laws concerning the classification of local taxes. It introduces new legal language that allows the town council of New Shoreham to adopt a tax classification plan applicable to taxes assessed on or after December 31, 2025. This addition is marked by the insertions in the text, specifically stating that the town council may create a tax classification plan in accordance with the existing provisions of subsections (a) and (b) of the section.

Additionally, the bill maintains existing provisions while clarifying the limitations on tax rates for various classes of property. It specifies that the effective tax rate for any class, excluding Class 4, cannot exceed 50% of the rate applicable to any other class, with certain exceptions for specific towns. The bill also outlines the classes of property and the conditions under which municipalities can adopt different tax rates, ensuring compliance with the established classification restrictions. Overall, the bill aims to provide more flexibility for local governments in managing tax classifications while maintaining certain regulatory frameworks.

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