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:
{ADD 44-5-68. Property tax classifications in Warren. -- List of ratable property. -- ADD} {ADD Upon adoption of a classification of taxable property by the town of Warren, all ratable property in the town of Warren shall be classified by the assessor as follows:
(1) Class 1 -- All ratable real estate and tangible personal property.
(2) Class 2 -- All motor vehicles and trailers subject to the excise tax created by chapter 34 of this title. ADD}
{ADD 44-5-68.1. Property tax classification in Warren. -- Tax levy determination. -- ADD} {ADD (a) The assessor of the town of Warren shall annually prepare a list containing the full and fair valuation of each property within said town and the percentage of the tax levy to be apportioned to each class of property and tax rates sufficient to produce the proposition of the total tax levy.
(b) The assessor shall have the authority to apply different rates of taxation against class 1, and class 2 property to determine the tax due and payable on the property; provided, however, such rate of taxation shall be uniform within each class. ADD}
{ADD 44-5-68.2. Property tax classification. -- Warren. -- Tax levy determination. -- ADD} {ADD The assessor 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. ADD}
SECTION 2. This act shall take effect upon passage.
