(a) The assessor and finance director shall provide to the town council a list containing the full and fair valuation of each property class, and with the approval of the town council, annually determine the percentage 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.
(b) (1) Classes of Property.Class 1. Residential real estate consisting of no more than five (5) dwelling units including dwellings on leased land including mobile homes. The existing homestead exemption authorized for residential properties shall continue in full force and effect.
(2) Class 2. Commercial and industrial real estate, and residential real estate of more than five (5) dwelling units.
(3) Class 3. All ratable tangible personal property excluding motor vehicles and trailers. (Notwithstanding any provisions of the contrary, the tax rates applicable to wholesale and retail inventory within Class 3 are governed by § 44-3-29.1).
(4) [Repealed by P.L. 2004, ch. 439, § 1; P.L. 2004, ch. 527, § 1, effective July 1, 2005].
History of Section.
P.L. 2004, ch. 439, § 1; P.L. 2004, ch. 527, § 1; P.L. 2006, ch. 115, § 1; P.L. 2010, ch. 239, § 38.