Bill > H6395

This bill authorizes the town of Smithfield to modify its property tax classification system to create a more equitable taxation approach between different types of property. Specifically, the bill amends existing law to give the town's assessor more flexibility in setting tax rates for different property classes. The bill defines three property classes: Class 1 (residential properties with up to five dwelling units, open land, and mobile homes), Class 2 (commercial and industrial real estate, mixed-use properties, and residential properties with more than five units), and Class 3 (tangible personal property excluding motor vehicles). The key change allows the assessor to determine the percentage of the total tax levy to be applied to each property class, moving away from a previously fixed rate structure. This modification aims to create a more fair and responsive tax system that can better reflect changing property values and economic conditions in the town. The bill will take effect immediately upon its passage.

Housing and Urban Affairs

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