Chapter 439

2004 -- S 3222

Enacted 07/02/04

A N A C T

RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

Introduced By: Senators Connors, and J Montalbano

Date Introduced: June 23, 2004

It is enacted by the General Assembly as follows:

     SECTION 1. Chapter 44-5 of the General Laws entitled "Levy and Assessment of Local

Taxes" is hereby amended by adding thereto the following section:

44-5-20.29. Property tax classification - Lincoln - Tax levy determination. – The

assessor and finance director shall provide to the town council a list containing the full and fair

valuation of each property class, and with the approval of the town council, annually determine

the percentage of the tax levy to be apportioned each class of property and shall annually apply

tax rates sufficient to produce the proportion of the total tax levy.

Classes of Property.

Class 1. Residential real estate consisting of no more than five (5) dwelling units

including dwellings on leased land including mobile homes. The existing homestead exemption

authorized for residential properties shall continue in full force and effect.

Class 2. Commercial and industrial real estate, residential real estate containing partial

commercial or industrial uses, and residential real estate of more than five (5) dwelling units.

Class 3. All ratable tangible personal property excluding motor vehicles and trailers.

(Notwithstanding any provisions of the contrary, the tax rates applicable to wholesale and retail

inventory within Class 3 are governed by R.I.G.L. section 44-3-29.1).

Class 4. Motor vehicles and trailers subject to the excise tax created by R.I.G.L. sections

44-34-1 et seq and 44-34.1-1 et seq. [This subdivision shall be repealed effective July 1, 2005].

     SECTION 2. This act shall take effect upon passage.

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LC03703

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