Chapter
359
2007 -- H 6481
Enacted 07/05/07
A N A
C T
RELATING TO TAXATION
- LEVY AND ASSESSMENT OF LOCAL TAXES
Introduced By:
Representative Raymond C. Church
Date Introduced: June 05,
2007
It is
enacted by the General Assembly as follows:
SECTION
1. Sections 44-5-20.19 and 44-5-20.20 of the General Laws in Chapter 44-5
entitled
"Levy and Assessment of Local Taxes" are hereby amended to read as
follows:
44-5-20.19.
North Smithfield -- Property tax classification -- List of ratable property.
– (a) Upon adoption of a system of
classification of taxable property by the town of North
Smithfield,
all ratable property in the town of North Smithfield shall be classified by the
assessor
as
follows:
(1) Class 1: All ratable real estate.
(2) Class 2: All tangible personal property and all motor vehicles and trailers
subject to
the
excise tax created by chapter 34 of this title.
(1)
Class 1: all residential real estate, which consists of not more than five (5)
dwelling
units
and all residential real estate that consists of six (6) dwelling units in
which at least one unit
is
owner-occupied. Class 1 includes all mobile/manufactured homes;
(2)
Class 2: all commercial and industrial real estate and all residential real
estate which
consists
of six (6) dwelling units in which no units are owner-occupied and all
residential real
estate
which consists of more than six (6) dwelling units;
(3)
Class 3: all ratable tangible personal property;
(4)
Class 4: all motor vehicles and trailers subject to the excise tax created by
chapter 34
of
this title.
(b)
Where real property is used or held for more than one purpose and the uses
result in
different
classifications, the assessor shall allocate to each classification the
percentage of true
and fiar
fair cash value to the property devoted to each use.
(c)
Notwithstanding any provisions of section 44-5-11.8, the tax rates applicable
to
wholesale
and retail inventory within Class 3 as defined in subsection (a) of this
section are
governed
by section 44-3-29.1.
(d)
The tax rates applicable to motor vehicles within Class 4 as defined in
subsection (a)
of
this section are governed by section 44-34.1-1.
44-5-20.20.
North Smithfield -- Property tax classification -- Duties of assessor. --
(a)
The
assessor of the town of North Smithfield, on or before June 1 each year, shall
make a full and
fair
cash valuation of all the estate, real and personal, and motor vehicles subject
to taxation,
herein,
and determine the assessed valuation of each property class.
(b) The assessor shall apply different rates of taxation against Class 1 and
Class 2
property to each property class as set forth in section
44-5-20.19 to determine the tax due and
payable
on the property; provided, however, the rate for each class shall be uniform.
within each
class;
and for each year, Class 2 property rates shall not be more than one hundred
fifty percent
(150%)
of Class 1 property tax rates, and Class 3 property rates shall not be more
than two
hundred
twenty-five percent (225%) of the maximum allowable Class 2 property rates.
SECTION
2. This act shall take effect upon passage.
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LC03225
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