§ 44-5-12.2. Tangible personal property exemption — Tax rate cap.
Notwithstanding any other provision of law to the contrary, the tax rate for the class of property that includes tangible personal property for any city, town, or fire district that also establishes a tangible personal property assessment exemption, pursuant to subsections (a)(51), (a)(66), or (c) of § 44-3-3, § 44-3-47, § 44-3-65, or any other provision of law that enables a city, town, or fire district to establish a tangible personal property assessment exemption, shall be capped at the tax rate in effect for the assessment date immediately preceding the assessment date on which the exemption takes effect or the assessment date immediately following the effective date of this section [June 27, 2022], whichever is later.
History of Section.
P.L. 2022, ch. 231, art. 6, § 7, effective June 27, 2022.