Bill > S0675

This bill modifies the property tax classification system for the city of Central Falls, Rhode Island, by updating two key provisions. First, it expands the definition of Class 5 property to explicitly include the commercial portion of mixed-use properties, which are buildings that contain both residential and commercial spaces. Second, the bill establishes 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 language that allowed the Class 3 tax rate to be up to four times the Class 1 residential property tax rate. By specifying the commercial portion of mixed-use properties in the Class 5 category, the bill provides clearer guidance for property assessors and potentially impacts how these properties are taxed. The bill will take effect immediately upon its passage, allowing the city to implement these changes in its property tax assessment and classification system.

Budget and Finance

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