The bill amends Section 44-5-11.8 of the General Laws concerning the classification of local taxes. It specifically enables the town of Portsmouth to adopt, repeal, or modify its tax classification plan. The new provision allows Portsmouth's town council to implement a tax classification plan applicable to taxes assessed on or after the assessment date of December 31, 2026. Furthermore, the Portsmouth town council may adopt, repeal, or modify that tax classification plan for any tax year thereafter, notwithstanding existing provisions.

The bill maintains existing limitations on tax classification plans, including the requirement that the effective tax rate for any class, excluding Class 4, cannot exceed by more than fifty percent the rate applicable to any other class, with specific exceptions for certain municipalities. It also outlines various classes of property and the conditions under which different tax rates may be applied, ensuring compliance with established tax rate restrictions.

Statutes affected:
2577: 44-5-11.8