The text
Footnotes:
--- (2) --- Editor's note— Ch. 1045, § 1, adopted Dec. 4, 2017, amended Art. I in its entirety to read as herein set out. Former Art. I, §§ 70-1—70-5, pertained to similar subject matter and derived from Ch. 1024, § 1, 9-6-2016; Ch. 1035, § 1, 2-27-2017.
Sec. 70-1. - List of ratable property.#
(a)
Pursuant to R.I. General Laws § 44-5-11.8 and 44-5-11.14, the system of classification of taxable property is hereby adopted by the town in which all ratable property in the town shall be classified by the assessor as follows:
(1)
Class 1: All residential real estate which consists of not more than five dwelling units and all residential real estate that consists of six dwelling units in which at least one unit is owner-occupied and land classified as open space. Class 1 includes all mobile/manufactured homes.
(2)
Class 2: All commercial and industrial real estate and all residential real estate which consists of six dwelling units in which no units are owner-occupied and all residential real estate which consists of more than six dwelling units.
(3)
Class 3: All ratable tangible personal property.
(4)
Class 4: All motor vehicles and trailers subject to the excise tax created by G.L. 1956 Title 44, Chapter 34.
(b)
Where real property is used or held for more than one purpose and the uses result in different classifications, the assessor shall allocate to each classification the percentage of true and fair cash value to the property devoted to each use.
(Ch. 1045, § 1, 12-4-2017; Ch. 1122, § 1, 5-6-2024)
Sec. 70-2. - Duties of assessor and finance director.#
(a)
The assessor of the town, on or before June 15 of each year, shall make a full and fair cash valuation of all the estate, real and personal, including motor vehicles trailers, subject to taxation, and determine the assessed valuation of each property class.
(b)
The finance director with the approval of the town council shall have the authority to apply different rates of taxation to each property class and to determine the tax due and payable on the property; provided, however, that such rates of taxation shall be uniform within each class; and provided further that, for each year, Class 2 property tax rates shall not be more than 140 percent of Class 1 property tax rates.
(Ch. 1045, § 1, 12-4-2017)
Sec. 70-3. - Tax levy determination.#
The assessor shall provide to the finance director and the town council a list containing the full and fair cash valuation of each property class. The finance director shall, with the approval of the town 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.
(Ch. 1045, § 1, 12-4-2017)
Sec. 70-4. - Compliance with state law.#
(a)
All property in Class 3, which is classified as inventory, shall be taxed in accordance with § 44-3-29.1 of the General Laws of Rhode Island regarding the phasing out of taxes on said property.
(b)
The tax rate for the property in Class 3, shall be capped and shall not exceed thereafter the tax rate in effect for the assessment date of December 31, 2022 and shall be in accordance with § 44-5.3-3 and § 44-5.3-4 of the General Laws of Rhode Island.
(c)
All property in Class 4 shall be taxed in accordance with Chapter 34.1 of Title 44 of the General Laws of Rhode Island regarding the phasing out of taxes on said property.
(Ch. 1045, § 1, 12-4-2017; Ch. 1116, § 1, 12-18-2023; Ch. 1121, § 1, 4-1-2024)
Sec. 70-5. - Tangible property exemption.#
All property in class 3, shall be valued according to State Law 44-5-12.1, provided that the taxable value shall be then reduced by up to $50,000.00 after application of the STATE mandated depreciation for the appropriate tangible property classification.
(Ch. 1116, § 2, 12-18-2023)