Bill > H6123

This bill amends 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 contain both residential and commercial spaces. Second, it 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 a maximum of four times the Class 1 (residential owner-occupied) tax rate. The bill aims to provide more clarity in property tax classification and create a stable, predictable tax rate for personal property in Central Falls. The changes will take effect immediately upon the bill's passage, giving local tax assessors and property owners a new framework for understanding and calculating property taxes in the city.