§ 44-5-20.16. Smithfield — Property tax classification and valuation.
(a) The assessor of the town of Smithfield, on or before June 1 of each year, shall make 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) Class 1 and Class 2: The assessor shall apply different rates of taxation against Class 1 residential real estate and Class 2 commercial estate, in accordance with § 44-5-11.8, to determine the tax due and payable on the property; provided, however, the rate for each class shall be uniform.
(c) Class 3: All ratable, tangible personal property shall be capped at the 2017 tax rate and not increased until which time the rate is not greater than twice the rate applicable to any other class in accordance with § 44-5-11.8.
(d) Class 4: The tax rates applicable to motor vehicles within Class 4, as defined in subsection (b) of this section, are governed by § 44-34.1-1 [repealed].
History of Section.
P.L. 1994, ch. 94, § 1; P.L. 2016, ch. 309, § 1; P.L. 2016, ch. 322, § 1.