The bill amends Chapter 44-5 of the General Laws regarding the levy and assessment of local taxes by introducing new sections specifically for the town of Coventry. It establishes a framework for property tax classification, levy determination, and valuation. The assessor of Coventry is required to conduct a full and fair cash valuation of each property class by June 1 each year and determine the percentage of the tax levy to be apportioned to each class of property.

The bill defines three classes of property:
- Class 1 includes residential real estate consisting of no more than five dwelling units, land classified as open space, and dwellings on leased land including mobile homes.
- Class 2 encompasses commercial and industrial real estate, residential properties containing partial commercial or business uses, and residential real estate with more than five dwelling units.
- Class 3 covers all ratable tangible personal property, excluding motor vehicles and trailers.

Additionally, the bill mandates that the assessor provide the town council with a list containing the full and fair valuation of each property class. With the approval of the town council, the assessor shall annually determine the percentage of the tax levy to be apportioned to each class of property and apply tax rates sufficient to produce the proportion of the total tax levy.

This act is designed to allow Coventry to proportionately apportion the tax levy between residential and commercial properties. The provisions of this act will take effect retroactively to December 31, 2025.