The bill amends Section 44-5-20.16 of the General Laws in Chapter 44-5, which pertains to the levy and assessment of local taxes in Smithfield. Key changes include the introduction of a new property tax classification and valuation system, which allows the town's assessor to determine the assessed valuation of property classes and the percentage of the tax levy to be apportioned to each class. The previous language regarding the assessment of all estate, real and personal, and motor vehicles has been deleted, and new classifications for property have been inserted, including definitions for residential, commercial, and industrial real estate, as well as tangible personal property.

Additionally, the bill removes specific provisions that mandated uniform tax rates for different property classes and caps on tax rates for tangible personal property. Instead, it allows for differentiated tax rates based on property classification, which aims to create a fairer and more equitable taxation system between residential and commercial properties. The act is set to take effect upon passage, enabling Smithfield to adjust tax rates in accordance with property value changes.

Statutes affected:
1122: 44-5-20.16