Chapter 115

2006 -- S 2865

Enacted 06/16/06

A N A C T

RELATING TO TAXATION

Introduced By: Senators J Montalbano, and Connors

Date Introduced: March 01, 2006

It is enacted by the General Assembly as follows:

     SECTION 1. Section 44-5-20.29 of the General Laws in Chapter 44-5 entitled "Levy and

Assessment of Local Taxes" is hereby amended to read as follows:

44-5-20.29. Property tax classification -- Lincoln -- Tax levy determination. -- (a) The

assessor and finance director shall provide to the town council a list containing the full and fair

valuation of each property class, and with the approval of the town council, annually determine

the percentage of the tax levy to be apportioned each class of property and shall annually apply

tax rates sufficient to produce the proportion of the total tax levy.

      Classes of Property.

      (1) Class 1. - Residential real estate consisting of no more than five (5) dwelling units

including dwellings on leased land including mobile homes. The existing homestead exemption

authorized for residential properties shall continue in full force and effect.

      (2) Class 2. - Commercial and industrial real estate, residential real estate containing

partial commercial or industrial uses, and residential real estate of more than five (5) dwelling

units.

      (3) Class 3. - All ratable tangible personal property excluding motor vehicles and trailers.

(Notwithstanding any provisions of the contrary, the tax rates applicable to wholesale and retail

inventory within Class 3 are governed by section 44-3-29.1).

      (4) Class 4. - Motor vehicles and trailers subject to the excise tax created by sections 44-

34-1 et seq., and 44-34.1-1 et seq. [This subdivision shall be repealed effective July 1, 2005].

     SECTION 2. This act shall take effect upon passage and shall be applied retroactively to

June 15, 2004.

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LC02396

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