The bill amends Chapter 44-5 of the General Laws by adding a new section, 44-5-11.19, specifically for the town of Tiverton. This new section requires the town's assessor to annually prepare a list that includes the full and fair valuation of each property within the town, the percentage of the tax levy to be apportioned to each class of property, and the tax rates necessary to produce the total tax levy. The assessor is authorized to apply different tax rates to all classes of property, provided that the rates are uniform within each class.

The bill establishes five classes of property: Class 1 includes residential real estate consisting of not more than five dwelling units, land classified as open space, and dwellings on leased land, with a provision for a homestead exemption; Class 2 encompasses commercial and industrial real estate, residential properties with partial commercial or business uses, and residential real estate with more than five dwelling units; Class 3 covers all ratable, tangible personal property; Class 4 pertains to motor vehicles and trailers subject to the excise tax; and Class 5 includes mobile homes on leased land, which are subject to tax at the applicable state rate. The act will take effect upon its passage.