Bill > S2576

This bill allows the town of Tiverton to set different property tax rates for various categories of property, a change to the existing law regarding local tax assessments. Currently, towns generally apply a single tax rate to all property. This new provision, however, would grant Tiverton's assessor the authority to establish distinct tax rates for different "classes of property," meaning that, for example, residential homes might be taxed at a different rate than commercial buildings or personal property like vehicles. The bill specifies five classes: residential real estate (with options for homestead exemptions or separate rates for owner-occupied versus non-owner-occupied properties), commercial and industrial real estate, tangible personal property, motor vehicles and trailers (though this category is noted as repealed in another chapter), and mobile homes on leased land. Importantly, while different rates can be applied across these classes, the rate must be uniform within each specific class, ensuring fairness among similar types of property. This act will become law immediately upon its passage.

Housing and Urban Affairs

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