Sec. 74-47. - Method of calculating value of exemptions; application.

Notwithstanding any other provision of this article which may be to the contrary, the amount by which the exemptions contained within this article shall reduce taxes owned by a taxpayer shall be determined by multiplying the exemption amount by the rate established for the excise tax on motor vehicles. Taxpayers may elect to apply said amount to either real estate, tangible, or motor vehicle taxes; provided, however, that it may not be apportioned over the various classes of property taxes. No reductions to the current motor vehicle tax rate of $34.60 per thousand which were made to comply with the requirements of R.I.G.L. § 44-34.1-1 (Excise tax phase-out), will be reflected in the calculation of personal exemption tax credits authorized by this article.

(Ord. No. O-97-12, § I, 6-9-97; Ord. No. O-21-11, § I, 7-22-21)