The bill amends Chapter 44-5 of the General Laws regarding the levy and assessment of local taxes by introducing a new section specifically for the town of Tiverton, designated as 44-5-11.19. This new section mandates that the assessor of Tiverton annually prepare a list containing the full and fair valuation of each property within the town, along with the percentage of the tax levy to be apportioned to each class of property and the corresponding tax rates sufficient to produce the total tax levy.

The assessor is granted the authority to apply different rates of taxation against all classes of property, provided that the rate of taxation is 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 homestead exemption provision authorized within this class. The town may also divide this class into non-owner and owner-occupied property and adopt separate tax rates.
2. Class 2: Commercial and industrial real estate; residential properties containing partial commercial or business uses; and residential real estate of 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 subject to tax at the applicable state rate.

This legislation is designed to provide Tiverton with greater flexibility in its tax assessment process and will take effect upon passage.