The bill amends Chapter 44-5 of the General Laws regarding the levy and assessment of local taxes in Tiverton by introducing a new section, 44-5-11.19, which outlines a tax classification system for the town. The assessor of Tiverton is tasked with preparing an annual list that includes the full and fair valuation of each property, the percentage of the tax levy for each property class, and the necessary tax rates to meet the total tax levy. The bill allows the assessor to apply different tax rates to various classes of property, ensuring that the rates remain uniform within each class.

The new classifications include residential real estate, commercial and industrial properties, tangible personal property, motor vehicles and trailers, and mobile homes on leased land. Additionally, the bill permits a homestead exemption within the residential class and allows for the division of this class into owner-occupied and non-owner-occupied properties with separate tax rates. The act will take effect upon passage, enabling Tiverton to implement this new tax classification system.