The bill amends Section 44-5-67.2 of the General Laws in Chapter 44-5, which pertains to the levy and assessment of local taxes in Warwick. It introduces new legal language that specifies the duties of the city assessor, who is required to conduct a full and fair cash valuation of all taxable property by June 15 each year. The assessor is granted the authority to apply different tax rates to various property classes, as long as these rates are approved through an annual tax resolution in accordance with the city charter. Notably, the bill removes the previous requirement that Class 1 property tax rates must be at least fifty-seven percent of Class 2 rates, thereby allowing for uniform tax rates across these classes.

Additionally, the bill stipulates that the tax rates for Class 1 and Class 2 properties must be uniform, effectively setting them to the same percentage. This change aims to simplify the taxation process and ensure equity among property classes. The act will take effect upon passage and will be applied retroactively to the assessment date of December 31, 2024.

Statutes affected:
1097: 44-5-67.2