This bill, if passed, would amend Chapter 44-5 of the General Laws to allow the city of Woonsocket to reassess taxes on new real estate construction on a prorated basis. The reassessment would be based on the date the certificate of use and occupancy is issued or the date the new construction is first used for its intended purpose. The bill also outlines the process for determining the increment by which the assessment for the completed construction exceeds the assessment on the previous tax roll, as well as the appeals process for those who believe they have been unfairly assessed. This bill would only apply to taxes levied and property assessed in the city of Woonsocket.