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 sections:
{ADD 44-5-20.26. Property tax classification. -- East Providence. -- List of ratable property. -- ADD} {ADD Upon adoption of a system of classification of taxable property by the city of East Providence, all ratable property in the city of East Providence shall be classified by the assessor as follows:
(1) Class 1: In the city of East Providence, all ratable real estate.
(2) Class 2: In the city of East Providence, all motor vehicles and trailers subject to the excise tax created by chapter 34 of title 44 and tangible personal property. ADD}
{ADD 44-5-20.27. Property tax classification. -- East Providence. -- Duties of assessor. -- ADD} {ADD (a) The assessor of the city of East Providence on or before June 15 of each year, shall make a full and fair cash valuation of all the estate, real and personal, and motor vehicles subject to taxation herein, and determine the assessed valuation of each property class.
(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 rates of taxation shall be uniform. ADD}
{ADD 44-5-20.28. Property tax classification. -- East Providence. -- Tax levy determination. -- ADD} {ADD The assessor of the city of East Providence shall provide to the city council of East Providence, a list containing the full and fair cash valuation of each property class, and with the approval of the city of East Providence city council, annually determine the percentages 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 and shall be retroactive to December 31, 1996.
