It is enacted by the General Assembly as follows:

SECTION 1. Section 2 of chapter 48 of the 1990 Public Laws entitled "An Act Relating to the Exemption and Assessment of Real and Ratable Tangible Property in the City of Woonsocket" is hereby amended to read as follows:

SECTION 2. {ADD Assessment of ratable tangible property. -- ADD} The city of Woonsocket may assess ratable tangible property at its full and fair cash value, not to exceed one hundred percent (100%), in the same manner said city of Woonsocket assesses motor vehicles. Provided, further that the tax levy shall be applied to ratable tangible property at a rate that will produce no more than twelve percent (12%) of the total tax levy as prescribed in section 44-5-11 of the general laws as amended.

SECTION 3. This act shall take effect upon passage.