SECTION 1. Chapter 44-5 of the General Laws entitled "Levy and Assessment of Local Taxes" is hereby amended by adding thereto the following section:

44-5-13.30. Assessment and taxation of new real estate construction and newly created lots in Foster. - (a) New real estate construction in Foster completed after any assessment date is liable for the payment of municipal taxes from the date the certificate of occupancy is issued or the date on which the new construction is first used for the purpose for which it was constructed, whichever is the earlier, prorated for the assessment year in which the new construction is completed. New lots created after the assessment date will be assessed and prorated as of the date of the approval of said lots. The prorated tax is computed on the basis of the rate of tax applicable with respect to the property, including the applicable rate of tax in any tax district in which the property is subject to tax following completion of the new construction on the date the property becomes liable for the prorated tax in accordance with this section.

(b) The building inspector issuing the certificate shall, within ten (10) days after issuing the certificate, notify, in writing, the assessor of the issuance of the certificate of occupancy. The planning department shall notify the assessor within ten (10) days of the approval of the new lots.

(c) Not later than ninety (90) days after receipt by the assessor of the notice from the building inspector or from a determination by the assessor that the new construction is being used for the purpose for which it was constructed, the assessor shall determine the increment by which the assessment for the completed construction exceeds the assessment on the tax roll for the immediately preceding assessment date. The assessor shall prorate that amount from the date of issuance of the certificate of occupancy or the date on which the new construction was first used for the purpose for which it was constructed, as the case may be, to the assessment date immediately following and shall add the increment as prorated to the tax roll for the immediately preceding assessment date and shall, within five (5) days, notify the record owner as appearing on the tax roll and tax collector of the additional assessment.

Not later than ninety (90) days after receipt by the assessor of notice from the planning department of the creation of the new lot(s), the assessor shall determine the increment by which the assessment for the new lot exceeds the assessment on the tax roll for the immediately preceding assessment date. The assessor shall prorate that amount from the date of approval to the assessment date immediately following and shall add the increment as prorated to the tax roll for the immediately preceding assessment date and shall, within five (5) days, notify the record owner as appearing on the tax roll and tax collector of the additional assessment.

(d) Any person claiming to be aggrieved by the action of the assessor under this section may appeal to the assessment board of review within sixty (60) days from notification of the additional assessment or to superior court as provided.

(e) Upon receipt of the notice from the assessor, the tax collector shall, if the notice is received after the normal billing date, within ten (10) days thereafter, mail or hand a bill to the owner based upon an amount prorated by the assessor. The tax is due and payable and collectible as other municipal taxes and subject to the same liens and processes of collection, provided, that the tax is due and payable in an initial or single installment due and payable not sooner than thirty (30) days after the date the bill is mailed or handed to the owner, and in any remaining, regular installments, as they are due and payable, and the several installments of a tax so due and payable are equal.

(f) Nothing in this section authorizes the collection of taxes twice in respect of land upon which the new construction is located.

(g) This section applies only to taxes levied and property assessed in the town of Foster.

SECTION 2. This act shall take effect upon passage.