Bill > H7661

This bill allows the town of Portsmouth to create, change, or cancel its tax classification plan, which is a system for setting different property tax rates for various types of property, for any tax year starting on or after December 31, 2026. Currently, existing law (Section 44-5-11.8) outlines the general rules for how towns can adopt these plans, including limitations on how much higher the tax rate for one property class can be compared to another, and defines different property classes like residential real estate (Class 1), commercial and industrial real estate (Class 2), tangible personal property (Class 3), and motor vehicles (Class 4). This bill specifically adds Portsmouth to a list of towns that have been granted special authority to manage their tax classification plans more flexibly, enabling their town council to adopt, repeal, or modify their plan at any time for tax years after the specified date, overriding some of the general restrictions in the existing law. The bill will become effective immediately upon being passed.

Housing and Urban Affairs

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