It is enacted by the General Assembly as follows:

SECTION 1. Sections 44-5-20.14 and 44-5-10.15 of the General Laws in Chapter 44-5 entitled "Levy and Assessment of Local Taxes" are hereby Repealed in their entirety:

{DEL 44-5-20.14. Property tax classification authorized -- Smithfield. -- DEL} {DEL The town of Smithfield may by resolution or ordinance adopted by the town council provide for a system of classification of taxable property in conformity with the provisions of sections 44-5-20.11 through 44-5-20.13. DEL}

{DEL 44-5-20.15. Property tax classification -- Smithfield. -- DEL} {DEL Upon adoption of a system of classification of taxable property by the town of Smithfield, all ratable property in the town of Smithfield shall be classified by the assessor as follows:

(A) Class one (1) -- All ratable real estate and tangible personal property.

(B) Class two (2) -- All motor vehicles and trailers subject to the excise tax created by chapter 34 title 44. DEL}

SECTION 2. This act shall take effect upon passage and shall be retroactive to June 1, 1994.