Bill > H6123

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 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 limited the Class 3 tax rate to no more than four times the tax rate for Class 1 residential property. This change provides more certainty in the tax rate for personal property in Central Falls and clarifies the tax treatment of mixed-use properties by ensuring that the commercial components are properly classified and taxed. The bill will take effect immediately upon its passage, allowing the city to implement these changes to its property tax system.

Housing and Urban Affairs

https://status.rilegislature.gov/