This bill, if enacted, would amend Section 44-5-11.10 of the General Laws in Chapter 44-5 entitled "Levy and Assessment of Local Taxes." The amendment would allow the city of East Providence to adopt a tax classification plan with certain limitations. The designated classes of property would be limited to four classes, and the tax rate applicable to Class 2 property would not exceed by 200% the rate applicable to Class 1 property. Additionally, any tax rate changes from one year to the next would be applied at the same percentage rate change that is applicable to all classes, except in any year in which a comprehensive or statistical revaluation is completed. The bill also specifies that the tax rates applicable to wholesale and retail inventory within Class 3 and motor vehicles within Class 4 are governed by other sections of the law. The provisions of chapter 35 of this title relating to property tax and fiscal disclosure would apply to the reporting of and compliance with these classification restrictions. The bill would take effect upon passage.

Statutes affected:
240  SUB A: 44-5-11.10
240: 44-5-11.10