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 defined property classes include:

1. Class 1: Residential real estate consisting of no more than five dwelling units, land classified as open space, and dwellings on leased land including mobile homes.
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 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 set to take effect retroactively to December 31, 2025.