Bill > S0675

This bill modifies the property tax classification system for the city of Central Falls, Rhode Island, by making two key changes. First, it expands the definition of Class 5 property to explicitly include the commercial portion of mixed-use properties, which are buildings that have both residential and commercial spaces. Second, the bill sets a fixed tax rate for Class 3 property (which includes personal property like goods and chattels) at $38.33 per $1,000 of assessed value, replacing the previous provision that limited the Class 3 tax rate to four times the Class 1 tax rate. The bill aims to provide more clarity in property tax classification and potentially create a more predictable tax structure for property owners in Central Falls. By specifying the commercial portions of mixed-use properties and setting a definitive tax rate for personal property, the legislation seeks to simplify the property tax assessment process and provide greater transparency for taxpayers. The changes will take effect immediately upon passage of the bill.

Budget and Finance

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