The bill amends Section 44-5-11.18 of the General Laws in Chapter 44-5, allowing the city of Providence to adopt a tax classification system with the authority to set different tax rates for various property classes, including residential, commercial, industrial, and mixed-use properties. The city council is specifically granted the authority to impose higher tax rates on the marginal value of residential properties valued in excess of one million dollars ($1,000,000) per dwelling unit. These higher rates may be structured into progressive brackets. Additionally, properties occupied by taxpayers below a certain income level may be exempted from these higher rates. The bill also stipulates that any additional revenue generated from these higher rates will be exempt from the four percent (4%) levy growth cap established pursuant to 44-5-2. The act is set to take effect upon passage.

Statutes affected:
1114: 44-5-11.18