The bill amends Chapter 44-5 of the General Laws by adding a new section specifically for the town of Tiverton, designated as 44-5-11.19. It requires the town's assessor to annually prepare a list that includes the full and fair valuation of each property within Tiverton, along with the percentage of the tax levy to be apportioned to each class of property and the corresponding 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 remain uniform within each class. The bill categorizes properties into five distinct classes:

1. Class 1: 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 and the option to differentiate between owner-occupied and non-owner-occupied properties.
2. Class 2: Commercial and industrial real estate, residential properties with partial commercial or business uses, and residential real estate with more than five dwelling units.
3. Class 3: All ratable, tangible personal property.
4. Class 4: Motor vehicles and trailers subject to the excise tax.
5. Class 5: Mobile homes on leased land, which shall be taxed at the applicable state rate.

This legislation is intended to enhance the town's ability to manage its tax system effectively and will take effect upon passage.