SECTION 1. Section 44-3-27.1 of the General Laws in Chapter 44-3 entitled "Property Subject to Taxation" is hereby amended to read as follows:

44-3-27.1. Certain tax exemptions in the town of Bristol. -- Each exemption granted on property in the town of Bristol by any of the provisions of this chapter is at the current tax rate or a rate equivalent to twenty dollars ($20.00) per one thousand dollars ($1,000) of valuation, whichever is greater, for each exemption granted to a taxpayer.

SECTION 2. This act shall take effect upon passage.