RI S2576

Authorizes the Town of Tiverton assessor to apply different tax rates to different classes of property, provided rates remain uniform within each class

Establishes five property tax classes: Class 1 (residential with 5 or fewer units, open space, dwellings on leased land), Class 2 (commercial/industrial and residential with more than 5 units), Class 3 (tangible personal property), Class 4 (motor vehicles/trailers), and Class 5 (mobile homes on leased land at state rate)

Permits a homestead exemption within Class 1, or alternatively allows the town to divide Class 1 into owner-occupied and non-owner-occupied properties with separate tax rates

Requires the assessor to annually prepare a list of property valuations and determine the percentage of tax levy apportioned to each class

Takes effect upon passage