A N
A C T
RELATING TO
TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES
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Introduced
By: Senators Paiva-Weed, and J Cicilline |
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Date
Introduced: May 22, 2002 |
It is enacted by
the General Assembly as follows:
SECTION 1. Chapter 44-5 of the General Laws entitled "Levy and
Assessment of Local Taxes" is hereby amended by adding thereto the
following sections:
44-5-76.1. Property tax classification in
Newport -- List of ratable property. -- Upon adoption of a system of
classification of taxable property by the city of Newport, all ratable property
in the city of Newport shall be classified by the assessor as follows:
(1) Class one
- all ratable tangible personal property;
(2) Class two
- residential real estate with less than four (4) units;
(3) Class
three - all commercial and industrial real estate and residential real estate
with four (4) units or more; and
(4) Class
four - motor vehicles and trailers subject to the excise tax created by chapter
44-34.
44-5-76.2. Property tax classification in
Newport. --
(a) The assessor of the city of Newport, on or before June 1 of each year,
shall make a full and fair cash valuation of all the estate, real and personal,
including motor vehicles and trailers, subject to taxation and determine the
assessed valuation of each property class.
(b) The
designated classes of property shall be limited to the four (4) classes as
defined in section 44-5-76.1.
(c) The
effective tax rate applicable to any class shall not exceed by fifty percent
(50%) the rate applicable to any other class.
(d) Any tax
rate changes from one year to the next shall be applied such that the same
percentage rate change is applicable to all classes.
(e) The tax rates
applicable to motor vehicles within class four as defined in section 44-5-76.1
are governed by section 44-34.1-1.
(f) The
provisions of chapter 35 of this title relating to property tax and fiscal
disclosure applies to the reporting of and compliance with these classification
restrictions.
44-5-76.3. Property tax classification in
Newport -- Procedure for adopting. -- The assessor shall provide to
the finance director a list containing the full and fair cash valuation of each
property class and with the approval of the city council, annually determine
the percentages of the tax levy to be apportioned each class of property and
shall annually tax rates sufficient to produce the proportion of the total tax
levy.
44-5-78. Homestead exemption in the city of
Newport. --
(a) The city council of the city of Newport is authorized to annually fix
the amount, if any, of a homestead exemption with respect to assessed value
from local taxation on taxable real property used for residential purposes in
the city of Newport and to grant homestead exemptions to the owner(s) of such
residential real estate in amounts not to exceed the following percentages:
(1) Single family and condominiums thirty-five
percent (35%) exemption;
(2) Two (2) family twenty
percent (20%) exemption;
(3) Three (3) family five
percent (5%) exemption.
(b) Any such exemption shall only apply to residential property
improved with a dwelling house. There shall be no homestead exemption granted
for vacant land or for the residential portion of mixed use property in the
city of Newport, regardless of the number of units used for residential
purposes. In order to determine compliance with the homestead exemption as
outlined above, the city council shall provide by resolution or ordinance rules
and regulations governing eligibility for the exemption established by this
section.
(c) The city council of the city of Newport may provide for a
pro-ration of the homestead exemption in cases where title to the property
passes from those not entitled to the exemption to those who are entitled to
claim the exemption.
SECTION 2. This act shall take effect upon passage.